German biopharma MorphoSys recommends Novartis offer be accepted [Yahoo! Finance]
MorphoSys AG - American Depositary Shares (MOR)
Company Research
Source: Yahoo! Finance
MorphoSys' management board and supervisory board recommended that shareholders tender their MorphoSys shares. Novartis has offered MorphoSys shareholders €68 ($72.90) per share in cash, representing a total equity value of €2.7 billion. MorphoSys and Novartis maintain their expectation that the closing of the takeover offer will take place in the first half of 2024. The takeover offer requires a minimum acceptance threshold of 65% of MorphoSys' share capital. Jean-Paul Kress, chief executive of MorphoSys, said: "After conducting a thorough assessment of the offer document, we unanimously conclude that the offer, including the offer price, is highly attractive and equitable."
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