Abstract
Sterling Drug has given up its fight to remain independent and accepted a proposal to merge with Eastman Kodak. The deal is worth $89½ a share, or $5.1 billion. Sterling's sales of close to $2 billion would put Kodak's sales in the range of $14 billion annually. Sterling successfully managed to spurn the advances of Hoffmann-La Roche, the Swiss-based pharmaceuticals giant that made three bids for Sterling, the last one for $81 a share, or $4.8 billion (C&EN, Jan. 25, page 4). Roche withdrew its bid almost immediately after Kodak's higher offer. The Kodak bid does seem to guarantee Sterling a measure of operational independence that management feared it might lose if Roche had succeeded in the takeover. Kodak indicated it does not plan to sell any of Sterling's nondrug operations to pay for the acquisition. Those operations include Minwax and Formby's wood-finishing products as well as household products such as Lysol pine cleaner ...
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