Carter-Wallace rejects Davis acquisition bid; offer catches company while drug business is weak.
CARTER-WALLACE ACQUISITION OFFER COMES AT NADIR FOR WALLACE DRUG BUSINESS,50188 which has experienced recent setbacks in the form of the relabeling of the anti-epileptic Felbatol due to serious adverse reactions and the reformulation of Organidin (iodinated glycerol). Financier Marvin Davis' $18 per share offer to acquire Carter-Wallace follows a steep drop in the firm's market value which has accompanied the weakening prospects for Wallace's prescription business.
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