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