Rival Warner Chilcott bidders join forces

The private equity arms of Credit Suisse First Boston and JP Morgan have agreed for Bain Capital and Thomas H Lee to join the Waren Acquisition consortium in their bid to buy pharmaceutical company Warner Chilcott for £1.62bn (€2.34bn).

The private equity arms of Credit Suisse First Boston and JP Morgan have agreed for Bain Capital and Thomas H Lee to join the Waren Acquisition consortium in their bid to buy pharmaceutical company Warner Chilcott for £1.62bn (€2.34bn).

Private equity firms Bain and Thomas H Lee were part of a consortium, which also included The Carlyle Group, expected to table a rival bid for Northern-Ireland based Warner Chilcott (formerly Galen).

Warner Chilcott said last week that its board is to back the 862 pence per share takeover offer by Waren. The price includes a 3 pence per share interim dividend for the year to the end of September, which will not be paid separately if the deal goes through.

Executive chairman Dr John King said the Waren deal provided shareholders with "certainty of value at an attractive level".

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