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HEALTH CARE

From Times Staff and Wire Reports

American Cyanamid Will Consider Takeover Bid: The Wayne, N.J., drug and agricultural products company said it will review the surprise $8.5-billion, or $95-a-share, offer by rival American Home Products Corp. of Madison, N.J. Cyanamid stock jumped more than 40% in New York Stock Exchange trading, rising $27 to close at $90.75. It had climbed as high as $93 in after-hours, off-exchange electronic trading Tuesday after American Home announced the offer. Analysts said Cyanamid stock could go higher if other drug companies bid for all or part of the firm. Industry watchers in London ruled out a counter bid by British drug giant SmithKline Beecham, which had reportedly been in talks about a spinoff deal. American Home’s stock rose 62.5 cents to $57.375 on the NYSE.


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