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CIMA rejects Cephalon bid

Executive Summary

Cephalon's proposal to acquire CIMA at $26 per share does not represent a superior offer to CIMA's proposed merger with aaiPharma, CIMA says Sept. 2. Company received unsolicited takeover bid from Cephalon following announcement of proposed merger with aaiPharma; CIMA was prohibited from entering negotiations with Cephalon unless its board deemed the offer superior to merger plans (1"The Pink Sheet" Aug. 25, 2003, p. 17)...
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