King Pharma extends offer for Alpharma
US specialty and generic drugmaker King Pharmaceuticals is extending its previously-announced tender offer for all outstanding shares of class A common stock of Alpharma (Marketletters passim) until 5:00 pm New York City time on November 21, unless the offer is further extended. This was originally scheduled to expire on October 10. All other terms and conditions of the tender offer remain unchanged.
As of the close of business on October 10, approximately 18.8 million shares of Alpharma (including around 3.4 million subject to guarantees of delivery), representing about 45% of all outstanding shares, were validly tendered and not withdrawn pursuant to the tender offer.
On September 12, King said that it commenced a tender offer to acquire all the outstanding shares for $37 each in cash, up from $33 it had previously bid which was turned down by Alphama (Marketletter September 1). This represents a total equity value of some $1.6 billion and an enterprise value of around $1.4 billion.
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