Alpharma shareholder Gamco rescinds proposal in light of King Pharmaceuticals' offer

By Lisa Kerner

Charlotte, N.C., Dec. 29 - Gamco Asset Management Inc. said it is rescinding its shareholder proposal seeking the elimination of Alpharma, Inc.'s poison pill and its plan to possibly recommend nominees for election to the company's board of directors due to the pending acquisition of Alpharma by King Pharmaceuticals, Inc.

The investor beneficially owns 4,242,998 shares, or 10.13%, of the Bridgewater, N.J.-based specialty pharmaceutical and animal health company, according to a schedule 13D/A filed with the Securities and Exchange Commission.

King Pharmaceuticals is a Bristol, Tenn., pharmaceutical company. Its $37-per-share tender offer for Alpharma ended on Dec. 29.

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