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Johnson & Johnson Receives Approval From European Commission for Crucell Acquisition

From EquityBites (January 31, 2011)

Health-care company Johnson & Johnson (NYSE:JNJ) and Crucell N.V (NYSE:CRXL) (Euronext:CRXL), a biopharmaceutical company, have been granted approval by the European Commission for Johnson & Johnson's proposed acquisition of Crucell.

Johnson & Johnson, in December 2010, had announced a cash offer for all of the issued and outstanding ordinary shares in the capital of Crucell, including those represented by American depositary shares, at an offer price of EUR24.75 per share.

With this approval, which was announced on Friday, the companies declared that an important offer condition has been fulfilled.

An Offer Extraordinary General Meeting (Offer EGM) is scheduled to be held on 8 February 2011.

The offer and withdrawal rights will expire at 11:45 hours New York city time on 16 February 2011, unless extended.

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Posted: February 2011