Investors buck as Crucell backs J&J's $2.4B bid

Crucell is throwing its support behind J&J's unchanged $2.4 billion bid to acquire control of the European biotech, despite the restiveness of some big investors who would like to see more money on the table. In a bid to significantly expand its presence in the global vaccines business, J&J is offering a 58 percent premium over Crucell's closing price just ahead of its initial offer. But big investors like Delta Lloyd Asset Management, Robeco and the Van Herk Group think Crucell could do better, given J&J's eagerness to take full control of the company. "We would not tender our shares at this price, J&J gets a lot of value from this deal, given its client base and the sales potential involved. We consider this the starting point, Crucell's management would need to convince us in the coming days (on the price)," said Jack Jonk, head of equity at Delta Lloyd Asset Management. Story

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