Shire completes tender offer for New River shares

By Lisa Kerner

Charlotte, N.C., April 18 - Shire plc's wholly owned subsidiary, Shuttle Corp., accepted for purchase 35,717,806 shares, or 96.4% of the outstanding shares of New River Pharmaceuticals, Inc.'s common stock in a $64.00-per-share tender offer that expired as scheduled on Tuesday.

The acquisition of New Rivers will be completed through a short-form merger without a vote or meeting of New River's shareholders, making the company an indirect wholly owned subsidiary of Shire, according to a company news release.

Shire shareholders approved the tender offer and an increase in total borrowings of the Shire group to $4 billion on Monday. The company previously stated that it planned to fund the transaction through $2.3 billion in new debt financing and an accelerated private placement worth about $800 million.

New River and Shire announced a definitive merger agreement on Feb. 20.

Shire is a specialty pharmaceutical company located in Basingstoke, England.

New River is a Radford, Va.-based pharmaceutical company.

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