FTC wants more information about proposed merger of King Pharmaceuticals, Alpharma

By Lisa Kerner

Charlotte, N.C., Sept. 29 - The Federal Trade Commission has asked King Pharmaceuticals, Inc. for additional information regarding its proposed acquisition of Alpharma Inc., according to a schedule 14D-9 filed with the Securities and Exchange Commission.

This "second request" extends the waiting period under the Hart-Scott-Rodino Act until 10 days after King has "substantially complied" with the request, the filing said.

The waiting period could be extended voluntarily by King or terminated sooner by the FTC.

King said it intends to cooperate fully with the FTC in connection with its request.

Alpharma's board of directors is urging its shareholders not to tender their shares in King's $37-per-share offer, calling it "financially inadequate," it was previously reported.

The offer began on Sept. 12 and is set to end at 5 p.m. ET on Oct. 10, King said.

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

Alpharma, a Bridgewater, N.J.-based specialty pharmaceutical and animal health company, said it has entered into confidentiality agreements with other interested parties.

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