King Pharmaceuticals' offer for Alpharma extended to Nov. 21

By Lisa Kerner

Charlotte, N.C., Oct. 13 - King Pharmaceuticals, Inc. extended its previously announced tender offer for all outstanding shares of Alpharma Inc.'s class A common stock until 5 p.m. ET on Nov. 21.

The offer was scheduled to end at 5 p.m. ET on Oct. 10, a King news release said.

Approximately 18.8 million shares, or 45%, of the class A common stock of Alpharma were tendered as of the close of business on Oct. 10, King said.

The $37-per-share cash tender offer began on Sept. 12.

While Alpharma's board of directors had urged its shareholders not to tender their shares in King's offer, the companies announced a confidentiality agreement on Oct. 3.

King, a Bristol, Tenn., pharmaceutical company, chose to take its $1.6 million offer directly to Alpharma shareholders following Alpharma's rejection in August and said it is also prepared to begin a consent solicitation to replace Alpharma's board of directors if necessary.

It was previously reported that King was cooperating with the Federal Trade Commission and its second request for information on the proposed merger.

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

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