The board of Sirtex Medical has thrown its weight behind China's CDH Investments' $1.9 billion bid for the medical device maker following a board meeting this afternoon, dashing the hopes of rival bidder Varian Medical Systems.
Despite the more secure but lower offer of $28 a share from the US group, which had the board's backing until today, the higher but more complex takeover offer by the Chinese private equity firm of $33.60 was too good to pass up.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
