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Advanced Accelerator board approves Novartis takeover

Advanced Accelerator Applications SA's board approved Novartis AG's bid to acquire the company and recommended that shareholders accept the offer.

Advanced Accelerator's board said the proposed $3.9 billion transaction was in the best interests of the company and its stakeholders.

No later than Dec. 7, Novartis Groupe France SA, a unit of Novartis, will make a cash tender offer to acquire all the outstanding shares of the company for $41 per ordinary share and $82 per American depositary share.

The deal is subject to customary regulatory approvals.

Jefferies LLC acted as exclusive financial adviser, while Davis Polk & Wardwell LLP is serving as legal counsel to Advanced Accelerator.