In today’s briefing:
- Novartis/Morphosys: Start of Offer Period
Novartis/Morphosys: Start of Offer Period
- Novartis published its offer document for MorphoSys AG (MOR GR) (US: MorphoSys AG (MOR US)) following approval by BaFin. The acceptance period has commenced on 11 April, and will expire on 13 May.
- I remain confident NVS’ acquisition of MOR closes on track. I maintain my TP at €68/share, $18.25/ADR offer price, as deal will highly likely close in H1, in my view.
- As of 11 April, gross spread is 0.82% and the estimated annual return is 7.78%. Long and tender.
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