Cyanamid Looks Abroad For Help
Will American Cyanamid find a white knight to rescue it from American Home Products' unfriendly $8.5 billion takeover bid? Wall Street speculates that the company may approach Germany's Hoechst and Switzerland's Ciba-Geigy, looking for help. American Home formalized its bear hug with Cyanamid on Aug. 9 with a $95-a-share tender offer. It also filed suit against a proposed Cyanamid poison pill. Cyanamid wants shareholders to wait 10 business days before responding, while its board studies the offer, which expires on Sept. 7.
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