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BUSINESS
January 9, 1991 | From Associated Press
Eastman Kodak Co.'s Sterling Drug subsidiary probably will announce a joint venture today with a French drug company, an industry analyst said Tuesday. Kodak officials will meet with industry analysts today in New York City, Kodak spokesman Paul Allen said. Allen said he couldn't say whether a joint venture between Sterling and Sanofi SA would be announced at the meeting. Jack Kelly, who follows Kodak for Goldman, Sachs & Co.
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BUSINESS
January 20, 1988 | From Times Wire Services
Sterling Drug Inc. has launched a major offensive to get government help in warding off a hostile $4.4-billion takeover bid from Swiss pharmaceutical giant F. Hoffmann-La Roche & Co. and is using the specter of a wave of foreign acquisitions as ammunition. Sterling is not the first takeover target to seek help from powerful allies, but its request for government intervention could be significant in a year that foreign takeovers of U.S. corporations are expected to surge.
BUSINESS
February 26, 1988 | Associated Press
Eastman Kodak, under fire for purportedly overpaying in its $5.1-billion acquisition of Sterling Drug Inc., said Thursday that it expects to earn profits "well in excess" of the amount predicted by Wall Street analysts. The effort to whip up enthusiasm fell short. Kodak was the most actively traded issue on the New York Stock Exchange on Thursday but managed to rise only 62.5 cents a share to $42. The stock had traded at $49.125 just before the Sterling deal was announced.
BUSINESS
January 14, 1988 | From Times Wire Services
F. Hoffmann-La Roche & Co. pledged Wednesday to cooperate in a U.S.-requested probe of possible insider stock trading preceding the company's $4.2-billion takeover bid for Sterling Drug Inc. According to published reports here, the U.S.
BUSINESS
January 22, 1988 | From Times Wire Services
F. Hoffmann-La Roche & Co. determinedly raised its takeover bid for Sterling Drug Inc. again Thursday, offering $81 a share, or about $4.65 billion, for the marketer of Bayer aspirin and Phillip's Milk of Magnesia. The new bid, the third by the giant Swiss manufacturer of Valium and other drugs, followed a recent buildup of anti-takeover measures by Sterling. It was the second time Hoffmann-La Roche sweetened its offer in three days.
BUSINESS
January 6, 1988 | From Reuters
A $4.2-billion bid for Sterling Drug Inc. by the huge Swiss pharmaceuticals firm F. Hoffmann-La Roche & Co. has shocked an industry that has long prospered under a hands-off policy toward unfriendly acquisitions, industry officials and analysts said Tuesday. "The pharmaceutical industry has long had a kind of tacit agreement not to step on each other's toes," said a drug industry source who asked not to be identified.
BUSINESS
February 26, 1988 | Associated Press
Eastman Kodak, under fire for purportedly overpaying in its $5.1-billion acquisition of Sterling Drug Inc., said Thursday that it expects to earn profits "well in excess" of the amount predicted by Wall Street analysts. The effort to whip up enthusiasm fell short. Kodak was the most actively traded issue on the New York Stock Exchange on Thursday but managed to rise only 62.5 cents a share to $42. The stock had traded at $49.125 just before the Sterling deal was announced.
BUSINESS
January 7, 1988 | From Reuters
Sterling Drug Inc., resisting a takeover bid from the big Swiss pharmaceuticals firm F. Hoffmann-La Roche & Co., on Wednesday attacked Morgan Guaranty Trust Co. for helping in the bid. Sterling said Morgan Guaranty was acting unethically by advising Hoffmann-La Roche because of its longstanding relationship with Sterling.
BUSINESS
January 12, 1988 | From Reuters
The Securities and Exchange Commission is investigating the possibility of insider trading in connection with F. Hoffmann-La Roche & Co.'s hostile $4.2-billion bid for Sterling Drug Inc., government sources said Monday. The American Stock Exchange said it is also investigating suspicious trading patterns in Sterling options, listed on the American Stock Exchange, shortly before the Swiss-based pharmaceutical giant's $72-a-share tender offer was announced after the close of trading Jan. 4.
BUSINESS
January 23, 1988 | JAMES FLANIGAN, Times Staff Writer
"We are actively pursuing acquisitions in the pharmaceutical field," Kay R. Whitmore, president of Eastman Kodak Co., said in a recent interview. On Friday, that pursuit ended as Kodak, the world leader in photography, agreed to acquire Sterling Drug Inc. for $5.1 billion. Why does the company that invented the snapshot want to buy a pharmaceutical firm?
BUSINESS
January 23, 1988 | DENISE GELLENE, Times Staff Writer
Eastman Kodak agreed Friday to pay $5.1 billion for Sterling Drug, rescuing the maker of Bayer aspirin from an unwanted takeover by a Swiss drug firm. Kodak's offer for Sterling substantially topped an earlier $4.65-billion bid from F. Hoffmann-La Roche, best known for its Valium tranquilizer. The merger would make Kodak, a camera and photographic film giant, a major force in the drug industry.
BUSINESS
January 22, 1988 | From Times Wire Services
F. Hoffmann-La Roche & Co. determinedly raised its takeover bid for Sterling Drug Inc. again Thursday, offering $81 a share, or about $4.65 billion, for the marketer of Bayer aspirin and Phillip's Milk of Magnesia. The new bid, the third by the giant Swiss manufacturer of Valium and other drugs, followed a recent buildup of anti-takeover measures by Sterling. It was the second time Hoffmann-La Roche sweetened its offer in three days.
BUSINESS
January 20, 1988 | From Times Wire Services
Sterling Drug Inc. has launched a major offensive to get government help in warding off a hostile $4.4-billion takeover bid from Swiss pharmaceutical giant F. Hoffmann-La Roche & Co. and is using the specter of a wave of foreign acquisitions as ammunition. Sterling is not the first takeover target to seek help from powerful allies, but its request for government intervention could be significant in a year that foreign takeovers of U.S. corporations are expected to surge.
BUSINESS
January 14, 1988 | From Times Wire Services
F. Hoffmann-La Roche & Co. pledged Wednesday to cooperate in a U.S.-requested probe of possible insider stock trading preceding the company's $4.2-billion takeover bid for Sterling Drug Inc. According to published reports here, the U.S.
BUSINESS
January 13, 1988 | From Times Wire Services
The U.S. government has asked Switzerland to lift banking secrecy to assist a probe into suspected insider trading in connection with a hostile takeover bid for Sterling Drug Inc., a Swiss Justice Ministry spokesman said Tuesday. Sterling is the target of a $4.2-billion takeover attempt by Swiss pharmaceuticals concern F. Hoffmann-La Roche & Co. but has vowed to fight it. On Monday, Sterling sued La Roche for violating U.S.
BUSINESS
January 23, 1988 | JAMES FLANIGAN, Times Staff Writer
"We are actively pursuing acquisitions in the pharmaceutical field," Kay R. Whitmore, president of Eastman Kodak Co., said in a recent interview. On Friday, that pursuit ended as Kodak, the world leader in photography, agreed to acquire Sterling Drug Inc. for $5.1 billion. Why does the company that invented the snapshot want to buy a pharmaceutical firm?
BUSINESS
January 13, 1988 | From Times Wire Services
The U.S. government has asked Switzerland to lift banking secrecy to assist a probe into suspected insider trading in connection with a hostile takeover bid for Sterling Drug Inc., a Swiss Justice Ministry spokesman said Tuesday. Sterling is the target of a $4.2-billion takeover attempt by Swiss pharmaceuticals concern F. Hoffmann-La Roche & Co. but has vowed to fight it. On Monday, Sterling sued La Roche for violating U.S.
BUSINESS
January 12, 1988 | From Reuters
The Securities and Exchange Commission is investigating the possibility of insider trading in connection with F. Hoffmann-La Roche & Co.'s hostile $4.2-billion bid for Sterling Drug Inc., government sources said Monday. The American Stock Exchange said it is also investigating suspicious trading patterns in Sterling options, listed on the American Stock Exchange, shortly before the Swiss-based pharmaceutical giant's $72-a-share tender offer was announced after the close of trading Jan. 4.
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