Lilly says SGX bid is final offer
05 Aug 2008
Eli Lilly has said its $3.00 (£1.54) per share bid for SGX Pharmaceuticals represents its "best and final offer" for the company.
The drugs giant has reaffirmed its proposal after the two companies last month announced the signing of a definitive merger agreement which equates to a total purchase price of around $64 million.
Gino Santini, the company's senior vice-president of corporate strategy and business development, has maintained that the $3.00 per share offer represents a sizeable premium on the recent performance of the SGX share price.
He said: "We believe that the $3.00 per share purchase price represents full and fair value, and provides a very attractive premium for SGX stockholders."
Mr Santini asserted: "Lilly will not increase its offer price."
Meanwhile, the firm recently reported "solid" financial results for the second quarter, which included an increase in sales of 11 per cent to just over $5.1 billion.
