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Johnson & Johnson Extends Review Period for Takeover; Cordis Stock Tumbles.(Originated from The Miami Herald)
Knight Ridder/Tribune Business News, December, 1995 by Reed, Ted
Dec. 28--Johnson & Johnson said Wednesday it needs more time to study its planned takeover of Cordis, triggering an 11 percent drop in the price of Cordis shares.
The due diligence period for J&J's review of the planned $1.8 billion stock-swap had been scheduled to end Wednesday. Now, the two companies say the health care giant needs until Jan. 22 to decide whether it wants to go ahead with the deal.
"All we have to say is that we anticipated the due diligence review would be completed by today, but it's taken somewhat longer," said J&J spokesman Robert Kniffin. He declined to comment further.
The news sent Cordis stock down $11.25 to $95.25 per share. About three million shares -- or 17 percent of all the outstanding shares -- changed hands...
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