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Biogen Idec extends and defends bid against Facet's claim of higher value

This article was originally published in Scrip

Executive Summary

Biogen Idec has extended its hostile bid for Facet Biotech by two months after the original offer expired on October 19th. By close of trading on October 15th, fewer than 1% of Facet's shareholders had tendered their shares, Biogen Idec revealed. Facet has reiterated its recommendation that shareholders reject the bid, the terms of which remain unchanged. Biogen Idec's extended tender offer closes on December 16th.


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