Warner Chilcott agrees to takeover

NORTHERN drug manufacturer Warner Chilcott has agreed terms for a £1.6 billion (€2.3 billion) takeover by an American private equity company.

Shares in the Craigavon-based pharmaceutical rose 4% after the company recommended an offer of £8.62 per share to shareholders. The new deal, tabled by a special purpose company formed by private equity groups from JP Morgan and DLJ Merchant Banking Partners, trumped the £8.37 offer from an unidentified bidder that was announced on Tuesday.

The offer includes a dividend payment of 3p per share, which the company had declared but not yet paid.