ICN Pharmaceuticals reportedly has notified the Federal...
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ICN Pharmaceuticals reportedly has notified the Federal Trade Commission that it intends to acquire up to 25% of the stock of Schering AG. The German pharmaceutical house, according to Dow Jones News Service, was informed of ICN’s intentions by the FTC and immediately branded the acquisition bid an “unwelcome . . . hostile . . . greenmail” attempt. Greenmail is the practice of investing in a company’s stock in hopes the firm will pay a premium to reacquire the shares. A spokesman for Costa Mesa-based ICN refused to confirm or deny the report.
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