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Bristol-Myers Squibb extends tender offer for Medarex by two days
By Lisa Kerner
Charlotte, N.C., Aug. 20 - Bristol-Myers Squibb Co. extended its $16-per-share cash tender offer for Medarex, Inc. to midnight ET on Aug. 26 from Aug. 24.
Medarex agreed to the extension in connection with an agreement in principle between the biopharmaceutical companies to settle pending legal proceedings related to the offer.
As of 9 a.m. ET on Thursday, a total of approximately 11,576,506 shares, or 8.7%, of Medarex's common stock were validly tendered and not withdrawn in the offer, Bristol-Myers said.
As previously reported, New York-based Bristol-Myers Squibb agreed to acquire Medarex, based in Princeton, N.J., for approximately $2.4 billion, including Medarex's projected $300 million in net cash and marketable securities.
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