Gilead completes CV Thera tender offer

California-based Gilead Sciences says it has successfully completed its $1.4 billion cash tender offer for all the outstanding shares of common  stock of fellow US firm CV Therapeutics (Marketletter March 16). The  offer, which was priced at $20 a share, expired as scheduled at one  minute following 11:59 pm, New York City time (midnight), on April 14.

Based on preliminary information from the depositary for the tender  offer, 59,377,080 shares, representing over 88% of CV's common stock as  of the close of business on April 14 were validly tendered and not  withdrawn prior to the expiration of the  offer. All such shares have  been accepted for payment in accordance with the terms of the offer,  including 4,625,773 that were tendered pursuant to the deal's guaranteed  delivery procedure.