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Medeva

Executive Summary

Discussions of a cash offer for the firm "have now been terminated," Medeva announced Sept. 17. "The proposal received turned out to be at an opportunistic price which the board [of Medeva], advised by Lazard Brothers, had no hesitation in rejecting." Elan had been rumored to be the suitor (1"The Pink Sheet" Sept. 13, p. 4). At a Bear Stearns conference Sept. 15, Elan Exec VP-Business Development Michael Sember said that after several sizeable acquisitions in 1998, the company has been in a "breathing period...focusing on integrating these business units"

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