2023-04-17 17:51:40 ET
Contract drug manufacturer Catalent (NYSE: CTLT) was surely tempted to reach for the aspirin bottle on Monday. The company's shares took a nearly 2% hit on the day (in contrast to the marginal 0.3% gain of the S&P 500 index) due to the apparent abandonment of a looming buyout deal.
Bloomberg reported that morning that the conglomerate Danaher (NYSE: DHR) has dropped its pursuit of Catalent.
Citing "people familiar with the matter," the Bloomberg report said Danaher is no longer considering making a buyout offer despite its earlier expression of interest. The company had indicated it was willing to pay a considerable premium to Catalent's share price to effect such a deal.
For further details see:
Why Catalent Stock Slumped on Monday