Abstract
Swiss pharmaceuticals giant Hoffmann-La Roche has launched an unfriendly takeover bid for New York City-based Sterling Drug valued at $4.2 billion. Hoffmann-La Roche says it now owns 57,900 shares of Sterling's approximately 159 million outstanding shares and adds that it seeks a majority of Sterling Drug shares by Feb. 2. At press time, Sterling failed to publicly respond to the offer, but its chairman, John M. Pietruski, is expected to resist any takeover. In his only public statement on the matter to date he has castigated investment bank Morgan Stanley, which is providing investment banking service to Hoffmann-La Roche on the deal, for its unethical conduct in aiding and abetting a surprise raid on [Sterling Drug,] one of its long-time clients. Pharmaceutical stocks closed higher on Jan. 5, spurred by speculation of other takeovers. Rorer was ahead $1½ for the day at $37½; Schering-Plough, up $2¼ to $49¼; and Warner-Lambert, up $2½ ...
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