King extends offer in hostile bid for Alpharma

King Pharmaceuticals isn't backing off its hostile bid to acquire Alpharma. Today King announced that it is extending its tender offer for Class A Alpharma shares to November 21. The $37 per share offer--a 54 percent premium over Alpharma's close the day before King made its original bid--had been scheduled to expire last Friday.

King says it has so far gained 18.8 million shares--about 45 percent of the outstanding shares. Its bid values Alpharma at $1.6 billion. Alpharma, meanwhile, has said that the offer is inadequate. But last week the two companies inked a confidentiality agreement that gives King the right to look over its books.

- check out the King release
- read the report from the New York Times

ALSO: Acura Pharmaceuticals and King Pharmaceuticals announced positive top-line data from a study assessing the abuse liability of Acurox Tablets. Acura release

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