Did Schering-Plough file its Form 10-Q quickly to avoid having to put together significant "discontinued operations" disclosures related to Intervet? Or, will it turn out that Rueuters' sources are right -- and Merck's Merial will be the divested Animal Health businesses -- most-likely to Sanofi? We shall see:
. . . .The Intervet business drew scant bids by the July 15 deadline, fetching one bid from a large private equity firm and one from a large European pharmaceutical company, the sources said. Merial bids were due at the same time but it was unclear who had bid.
Intervet failed to attract many offers since the bidders believed that business ultimately will be kept by Merck and Schering, sources said.
"The Intervet auction was a farce. The bidders felt used even participating since the real auction is for Merial and there's only one logical winner there -- Sanofi," said the source familiar with the talks. . . .
So, will we find out what really happened, perhaps as early as tomorrow? Who knows.
4 comments:
I still think Merial divestment makes more sense, but calling the Intervet auction a "farce" doesn't look right to me. A LOT of work was done by several of the bidders, and there were at least two bidders who made serious Phase 2 bids.
I still think Merial divestment makes more sense, but calling the Intervet auction a "farce" doesn't look right to me. A LOT of work was done by several of the bidders, and there were at least two bidders who made serious Phase 2 bids.
Would love to have the "local color" on that, Anonymous (both of you(!) -- asenapine candidate, perhaps?!)
More seriously, I promise I will not disclose any identifying data, should you wish to tell more of what you know, here.
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Namaste
Nothing really to say, other than that there was -- at least from what I saw -- a lot of due diligence material prepared and disclosed. Strictly hearsay, I heard the first round of bids were strong. The second round had two strong bids, and there continues to be a lot of follow-up activity in response to specific questions from the bidders. I don't have experience in this sort of thing, but Reuters use of the word "farce" seemed pretty strong. Maybe that quote came from someone who's bid didn't make the cut?
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