American Cyanamid Co. may be ready to increase its ownershipin Immunex Corp., which was merged with Cyanamid's Lederleoncology business in June.
Immunex of Seattle announced that Cyanamid (NYSE:ACY) fileda Schedule 13D statement with the Securities and ExchangeCommission on Tuesday to allow it to make open-marketpurchases of Immunex common stock (NASDAQ:IMNX).
As a result of this year's merger, Cyanamid of Wayne, N.J.,already owns 53.5 percent of Immunex's common stock. But inaccordance with the merger terms, Cyanamid is permitted toincrease its ownership to up to 70 percent of Immunex'soutstanding shares, provided it notifies both Immunex and thepublic of its intention at least two trading days beforebeginning to buy shares and completes the purchases within 30days.
Immunex's stock closed Tuesday at $20.75 a share, up $1.25. --Jennifer Van Brunt
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