Newspaper article The Canadian Press

Concordia Healthcare Stock Soars 25% on Reports of Possible Takeover Bid

Newspaper article The Canadian Press

Concordia Healthcare Stock Soars 25% on Reports of Possible Takeover Bid

Article excerpt

Concordia Healthcare stock soars 25%

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TORONTO - Shares in Concordia Healthcare Corp. (TSX:CXR) soared more than 25 per cent Thursday amid reports of a possible takeover attempt by a New York-based alternative asset manager.

The pharmaceutical company based in Oakville, Ont., has not commented on market chatter that Blackstone Group (NYSE:BX) has been kicking the tires over a possible buyout.

However, Concordia announced after markets closed that it had formed a special committee of independent members to consider "various strategic alternatives potentially available to the company," though it added there was no assurance any such transaction will occur.

The company also said it does not intend to make any additional comments on the issue at this time. …

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