In Brief: Immunex

Executive Summary

Immunex: Special committee of board of directors rejects American Home Products' offer to buy out the remainder of the company at $14.50 per share. Immunex told AHP "the purchase of the shares of Immunex common stock held by minority shareholders at the price you have proposed would appear to create value for the shareholders of AHP at the expense of the minority shareholders of Immunex." The board committee noted its financial advisor, Alex. Brown, concluded that it "could not provide an opinion that the per-share value of the AHP proposal was fair from a financial point of view to the shareholders unaffiliated with AHP." AHP acquired a majority stake in Immunex when it purchased American Cyanamid in late 1994...