Crucell NV's (CRXL.AE) second-largest shareholder said Wednesday
it intends to tender its shares to Johnson & Johnson's (JNJ)
EUR1.75 billion ($2.4 billion) bid to buy the Dutch biotechnology
company.
The announcement by Van Herk Group, which holds an 11.9% stake
in Crucell, was a reversal from October, when it said the bid was
too low and called upon Crucell's executive board to withdraw its
support for the offer. At that time, Van Herk Group had alleged
that J&J's proposed offer of EUR24.75 a share didn't reflect
the future potential of the vaccine maker.
Van Herk Group didn't provide a reason for the change, only
saying the plan to tender the shares was "not a recommendation" to
other shareholders. A representative wasn't immediately available
to comment.
The tender period of J&J's offer runs until Feb. 16. Crucell
and J&J, which holds about 17.9% of Crucell shares, reached a
deal in October for the remaining shares that it doesn't already
own.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com