A Bain in the bush

27 October 2004 By Robert Cyran Follow @rob_cyran

The company has recommended a bid from one privateequity consortium, even though another hasn t ruled out an offer. The board was right not to hold out for the bird in the bush, given the takeout valuation it has secured.

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Warner Chilcott has accepted an 862p per share bid worth £1.6bn. The potential acquirer is Waren Acquisition Ltd, a company set up by CSFB and JP Morgan. Chilcott had previously received a bid of 832p per share from a consortium made up of Goldman Sachs, Blackstone, KKR and Texas Pacific. Another consortium, consisting of Bain Capital, Carlyle Group and Thomas H. Lee Partners, has also expressed interest in Chilcott, but not bid.

Warner Chilcott's board has voted to recommend the 862p bid, with the exception of chief executive Roger Boissonneault, who has recused himself. It is expected that existing management will remain with the company.

The UKbased speciality pharmaceutical company specialises in dermatology and women's healthcare.

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