Varian Medical receives Sirtex notice that CDH-CGP proposal is 'superior'
Varian announced it received notification from Sirtex Medical on June 14, 2018 that its board has determined that the proposal from CDH Investments and China Grand Pharmaceutical and Healthcare Holdings Limited is a Superior Proposal as defined in the Scheme Implementation Deed between Sirtex and Varian. Consistent with Varian's prior announcements, Varian informed Sirtex that Varian will not be providing a counter proposal. Sirtex has consequently terminated the Varian Scheme and confirmed that it is required to pay a Reimbursement Fee of approximately A$16M to Varian. "Varian is very disciplined in its business development approach and we do not see value beyond the A$28 price per share we offered for Sirtex," said Dow Wilson, president and CEO of Varian. "While disappointed with this decision, Varian's long-term strategy has not changed. We remain focused on becoming a global leader in multi-disciplinary, integrated cancer care solutions; expanding the addressable markets that Varian can impact; and growing and creating sustainable value for our company and our shareholders."