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Hoechst/Copley

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Executive Summary

Acquisition of 51% of generic drug manufacturer Copley Pharmaceutical by Hoechst Celanese completed, Hoechst announces Nov. 11. The tender offer for 9.93 mil. shares of Copley common stock at $55 per share, or about $546 mil., was announced Oct. 9 and the tender offer began Oct. 15 ("The Pink Sheet" Oct. 18, p. 3). Hoechst Celanese says a total of approximately 17.1 mil. shares, "including approximately 8,818,026 shares subject to guarantees of delivery," actually were tendered.

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