This was Cephalon's last attempt at Taking over an Australian Company, That time they wanted 90%.
The directors Unanimously recommended that the shareholders accept the offer.
11/02/2003 Trading Halt
12/02/2003 Cephalon Inc to Make Cash Bid to Acquire SIRTeX Medical Ltd
25/02/2003 Bidder's Statement -Off-market bid by Cephalon Australia P/L
10/03/2003 07/03/2003: Cephalon Australia P/L Bidder's Statement
07/03/2003 Target's Statement - Off-market bid
10/03/2003 Cephalon Australia Commences Bid for SIRTeX Medical
31/03/2003 Extension of Offer Period by Cephalon Australia Pty Ltd
14/04/2003 Supplementary's Bidder's Statement re T/O by Cephalon
22/04/2003 Cephalon Australia P/L Supplementary Bidder's Statement
28/04/2003 First Supplementary Target's Statement
29/04/2003 Extension of Offer Period re Takeover Offer by Cephalon
08/05/2003 Third Supplementary Bidder's Statement
09/05/2003 Fourth Supplementary Bidder's Statement
14/05/2003 Letter to Shareholders re: Cepahlon's Takeover Bid
16/05/2003 Cephalon's 5th Supplementary Bidder's Statement
27/05/2003 Sixth Supplementary Bidder's Statement by Cephalon Australia
28/05/2003 Cephalon takeover bid unsuccessful
You probably wonder why so many supplementary bidders statements were made, I personally like this one, it tickled my fancy.
9Th May Fourth Supplementary Bidder's Statement
It was stated in an article published in the sydney Morning Herald on the 6th May 2003 entitled.
"Yankee predator not so genereous"
"Cephalon has indicated to US analyst that SIRTeX's key product, a liver cancer treatment device could be worth $US500 million in annual revenues in North America alone"
A similar statement was made in the Rear Window" feature of the Australia Financial Review on the 9Th May 2003.
CEPHALON BELIEVES that these statements, as written are misleading and inaccurate, The statements were likely derived from statements made by Cephalon management during a presentation to investors on the 19th February 2003. The precise statement made by Cephalon management during this presentation was:
:"....we believe there is a tremendous opportunity to treat the approximately 50,000 annual caes of metastic liver cancer diagnosed in the united states eanch year at a cost of approxiamtely US$14,000 per treatment, The USmarket alone may exceed US500 Million per year.
OH well I digress Sorry, back to our Company Arana, I wonder just what potential Cephalon believes Arana's pipeline has, dont worry if Cephalon wins this battle we can all read it on their web site later on, Agree we will probably feel a little sore around the rear end area but thats life, OR IS IT.
Cephalons bid for Sirtex's started at $4.85 and end at $4.85, they stated they would not increase the bid.
DONT YOU THINK THEY WOULD LEARN SOMETHING OVER ALL THESE YEARS.
The bid for Sirtex commenced on the 11th February 2003 and finished on the 28th May 2003
Cephalon, Increase the bid or go home, your visa is running out.
AAH
arana therapeutics limited
