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SAN FRANCISCO (AP) - A major Chiron Corp. shareholder plans to vote against the company's proposed acquisition by Novartis AG, saying Tuesday that the offer price is too low.
ValueAct Capital, which said it owns 9.8 million shares, or 5 percent of Chiron, called Novartis' $45-per-share bid "tantamount to stealing the company."
"Thanks to its position on Chiron's board, Novartis had access to insider information which clearly indicated — to them but to no other public shareholder — that Chiron was worth far more than its depressed market price at the time of the initial Novartis offer," said G. Mason Morfit, a ValueAct partner.
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