Biotechnology firm Crucell is recommending an unchanged offer of €24.75 a share from US personal products group Johnson & Johnson even though some shareholders want more cash, the Financieele Dagblad reports on Wednesday.

The US firm now controls 17.9% of the Leiden-based company.
Delta Lloyd Asset Management, Robeco and the Van Herk Group, which are thought to control at least 15.5% of Crucell, have suggested J&J’s offer may undervalue the Dutch company.
Shareholders lobby group VEB has written to Crucell asking the firm to explain why it is so keen to accept the J&J offer. It estimates Crucell CEO Ronald Brus could make up to €12m from his option package if the deal goes through.