King extends tender offer for Alpharma to Dec. 29

By Lisa Kerner

Charlotte, N.C., Dec. 22 - King Pharmaceuticals, Inc. extended its previously announced tender offer for Alpharma Inc. to 10 a.m. ET on Dec. 29 from Dec. 19.

A total of 38,619,166 shares representing 92.2% of Alpharma's class A common stock were validly tendered and not withdrawn as of 5 p.m. ET on Dec. 19, according to King.

The total included 6,018,906 shares subject to guarantees of delivery.

King, a Bristol, Tenn., pharmaceutical company, announced in November that it agreed to acquire Alpharma for $37 per share in cash for a total equity value of about $1.6 billion.

Both companies' boards of directors unanimously approved the transaction, which is expected to close by the end of the year, it was previously reported.

The tender offer was originally set to end on Oct. 10. Prior to the agreement reached in November, Alpharma's board had urged its shareholders to reject the offer.

Innisfree M&A Inc. (877 687-1875) is the information agent for the offer.

Alpharma is a Bridgewater, N.J.-based specialty pharmaceutical and animal health company.

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