Passing the drugs test
Article Abstract:
Mergers and acquisitions adviser Morgan Stanley (MS) has been involved in 10 of the pharmaceutical industry's largest deals from 1989 to 1998. The most expensive deal was the 18,023 million pounds sterling take over of Ciba by Sandoz in 1996. MS also advised Glaxo in its 9,149 million pounds sterling bid for Wellcome in 1995. Glaxo-Wellcome was advised by MS during mergers talks with SmithKline Beecham at the beginning of 1998, although after the talks collapsed SmithKline Beecham is making a hostile bid for Glaxo-Wellcome.
Publication Name: Acquisitions Monthly
Subject: Business, international
ISSN: 0952-3618
Year: 1998
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IBOs now LBUs
Article Abstract:
Venture capitalists are using the leveraged build up (LBU) technique of buyout, to ensure greater returns on their investments. Venture capitalist become trade buyers after the initial LBU, allowing more control than would have initially been obtained from lending money. Instant finance is available when using LBUs, reducing time spent on looking for future investment. LBUs cost more to establish and involve venture capitalists spending more time on the project.
Publication Name: Acquisitions Monthly
Subject: Business, international
ISSN: 0952-3618
Year: 1998
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