Eisai acquisition of MGI Pharma nears completion

By Lisa Kerner

Charlotte, N.C., Jan. 28 - Eisai Co., Ltd. subsidiary Jaguar Acquisition Corp. completed its $41-per-share tender offer to purchase all outstanding shares of the common stock of MGI Pharma, Inc.

The subsequent offering period ended on Jan. 25, according to an Eisai news release.

Eisai said 76,494,076, or 93.8%, of MGI Pharma's shares have been validly tendered into the offer and have been accepted for payment.

The offer included associated preferred share purchase rights.

Eisai plans a short-term merger of Jaguar with and into MGI Pharma at the same $41-per-share offer price.

Once the merger is completed, MGI Pharma will operate as a wholly owned subsidiary of Eisai Corp. of North America, a wholly owned subsidiary of Eisai.

MGI Pharma's stock will be delisted and cease trading on the Nasdaq National Market, the release stated.

As previously reported, Jaguar began its all-cash offer to purchase MGI Pharma's shares on Dec. 21. Eisai agreed to acquire MGI Pharma for some $3.9 billion.

MGI Pharma is a Bloomington, Minn., biopharmaceutical company.

Eisai is a research-based human health care company based in Tokyo.

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