The company received notice from Sirtex on June 14 that it is terminating the deal and will pay a reimbursement fee of $16 million Australian ($12 million U.S.) to Varian.
Varian made a purchase offer to Sirtex in January for approximately $1.6 billion Australian ($1.2 billion U.S.). In May, Sirtex received a bid from Chinese alternative asset manager CDH Investments for $1.9 billion Australian ($1.4 billion U.S.); Varian declined to make a counteroffer, it said.
Sirtex plans to move ahead with the proposal with the Chinese investment group.
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