Crucell Large Shareholders Plan To Tender Their Stakes To J&J

Johnson & Johnson's (JNJ) EUR1.75 billion ($2.4 billion) bid to buy Crucell NV (CRXL.AE) looked more likely Thursday after two of the Dutch biotechnology company's main shareholders said they intend to tender their stakes to the U.S.-based suitor.

An announcement late Wednesday in a statement by the Van Herk Group, Crucell's second-largest shareholder with an 11.9% stake, was a reversal from October when it said J&J's bid was too low and called upon Crucell's executive board to withdraw its support for the offer. At that time, Van Herk Group had alleged that J&J's proposed offer of EUR24.75 a share didn't reflect the future potential of the Dutch vaccine maker.

Another large shareholder, Delta Lloyd NV (DL.AE), which holds nearly 5% in Crucell, said Thursday that it also intends to offer J&J its shares.

Van Herk could not immediately be reached for comment Thursday and didn't provide a reason for its change in stance, saying in its statement only that the plan to tender the shares was "not a recommendation" to other shareholders.

The tender period of J&J's offer runs until Feb. 16. Crucell and J&J, which holds about 17.9% of Crucell shares, reached a deal in October for the remaining shares that it doesn't already own

-By Anna Marij van der Meulen; Dow Jones Newswires; +31 20 5715 216; annamarij.vandermeulen@dowjones.com

Crucell NV ADS, Each Representing One Ordinary Share (MM) (NASDAQ:CRXL)
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