Varian Medical (NYSE:VAR) said today that it stands behind its initial $1.28 billion bid to acquire Sirtex Medical (ASX:SRX) in the wake of a $1.41 billion counter offer from China’s CDH Investments.
The unsolicited bid from CDH Investments came in at a 20% premium on Varian’s A$28-per-share offer, prompting Sirtex to reconsider a merger that already has approval from U.S. antitrust authorities and the German Federal Cartel Office.