After issuing its second bid, King warned Alpharma that it wouldn't take "no" for an answer. But earlier today Alpharma issued a statement rejecting King's bid of $37 a share, saying it had other parties in the wings interested in purchasing Alpharma. King responded with its own statement:
"Our $37 per share cash tender offer, which is not conditioned on financing, is the only outstanding offer for Alpharma and would provide its shareholders with a 67 percent premium over Alpharma's closing price on August 4, 2008, the date of our initial written offer," King said. "Given the uncertainty in the financial markets, we believe it is in the best interests of Alpharma stockholders to consummate our transaction as quickly as possible. Our management team and financial and legal advisors are available to meet with Alpharma immediately."
- read King's release