China’s CDH Investments counters Varian with unsolicited $1.4B bid for Sirtex

Sirtex Medical (ASX:SRX) said today that it’s fielding an unsolicited, $1.41 billion counter-offer from China’s CDH Investments that trumps a previous, $1.28 billion bid from Varian Medical (NYSE:VAR) that’s already won approval from U.S. and German regulators.

CDH’s A$33.60-per-share offer is a 20% premium on Varian’s initial A$28-per-share offer and prompted Sirtex to seek to scuttle a meeting slated for May 7 about that merger. In March U.S. antitrust authorities and the German Federal Cartel Office cleared the Varian-Sirtex union, which was announced in January and was slated to close this month.

Get the full story at our sister site, Drug Delivery Business News.

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