Days before entering into exclusive takeover negotiations with Johnson & Johnson (NYSE:JNJ), Actelion (VTX:ATLN) was reportedly fielding an offer from Sanofi (NYSE:SNY). But the Swiss biotech eventually agreed to go with J&J’s $30 billion bid in an all-cash deal at the end of January.
Actelion accepted the U.S. healthcare giant’s offer because it provided more certainty, Reuters reported today.
The prospectus for J&J’s offer revealed that the rival bidder, previously identified as Sanofi, made a proposal that outbid J&J’s offer. But Sanofi later refused to proceed with takeover talks unless Actelion considered a lower price, the news outlet reported.
“Company A indicated that it would only be willing to proceed with a transaction on the basis of a price lower than its previously communicated offer price and on different terms,” the prospectus said.