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AstraZeneca PLC (AZN) Said To Be Eyeing Forest Laboratories, Inc. (FRX) Takeover Bid


12/4/2013 7:29:04 AM

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AstraZeneca (AZ) is considering a takeover bid for Forest Laboratories of the US, according to a Financial Times report which cites people close to two companies. The rumour comes shortly after recently appointed Forest chief executive Brenton Saunders announced a major shake-up of the company's operations, including a cost-cutting programme aimed at trimming $500m off its cost base and a $400m share buyback. The FT suggests AZ financial advisers recently met the senior management at Forest to discuss a cash offer for the company, which is valued at around $15bn, but that the negotiations are still in very preliminary stages.

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