US giant Varian Medical Systems said it will not increase its takeover offer for liver cancer treatment provider Sirtex Medical after Chinese private equity firm CDH Investments submitted a formal bid for the Australian biotech.
CDH Investments – a $US20 billion alternative asset manager – made an 11th hour offer of $1.9 billion earlier this month, or $33.60 per share, topping Varian's $1.6 billion plans just ahead of sealing the deal and taking Sirtex board by surprise.
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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
