a circular building with a walkway going through itPhoto by Thomas Gabernig

Basel, Switzerland — Novartis said Thursday it begins a tender offer for MorphoSys AG, offering EUR 68.00 per share in cash, representing a 142% premium on the on the volume-weighted average price during the last three months.

At 10:35 CEST, MorphoSys Stock was up, trading at €67.35 in Frankfurt, slightly below the offer.

According to Novartis, MorphoSys’ Management Board and Supervisory Board have declared that they intend to recommend to shareholders the acceptance of the offer in their joint reasoned statement subject to a careful review of the offer document.

The offer is subject to a 65% minimum acceptance threshold and has been approved by the German Federal Financial Supervisory Authority. The acceptance period ends on May 13, 2024. Georgeson is acting as information agent for Novartis in the Offer. Deutsche Bank is acting as share tender agent and The Bank of New York Mellon is acting as ADS tender agent for the Offer.

Novartis and MorphoSys have filed necessary documents with the SEC. Novartis emphasizes forward-looking statements and risks associated with the offer. Novartis is an innovative medicines company.

By Lisa Luckas

Lisa Luckas is a Sr. Business News Editor at Nobot.News.

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