▲ 11:40 AM -- CEO William Weldon would love to answer a shareholder's question, on Remicade/Simponi rights (at 1 hour, 40 minutes into the webcast), but he fears his "lawyers will shoot" him -- so, instead, he says: "we are very much engaged -- we are not sitting back and doing nothing -- we will notify you when we have resolved this issue. . . ." Well, that sounds decidedly unlike he's contemplating any outright bid (of any kind) for SGP (note the word "issue" in his remark -- not a word like "deal", or similar). Nope, that sounds more like he's ultimately going to be "seeking arbitration" -- for a return of at least part of the Remicade/Simponi rights.
▲ Earlier: William Weldon just announced an increase in the dividend to $0.49 a quarter.
▲ TIAA-CREF (holder of over $1 billion of JNJ stock) just moved for an advisory "Say on Pay" proposal (much like the SEC proposes) -- CEO Weldon said that the Board of Directors opposes this resolution. [It did not pass.]
Tomorrow morning, starting at 10:00 am EDT, I'll live-blog any portion of the J&J annual shareholders' meeting that mentions the Schering-Plough Remicade/Simponi reversion of rights dispute. Merck took a "no comment, at this time" on the topic yesterday morning (and Schering-Plough wasn't even asked about it). If you'd like to listen along, tune in here, to register tomorrow around 9:55 am.
. . . .Upcoming Events
April 23, 2009
10:00 AM ET:
Johnson & Johnson Annual Meeting of Shareholders. . . .