Reckitt Benckiser accepts 95.9% of Adams Respiratory shares in tender offer

By Lisa Kerner

Charlotte, N.C., Jan. 24 - Reckitt Benckiser Group plc completed its cash tender offer for all outstanding shares of common stock of Adams Respiratory Therapeutics, Inc.

The offer ended on Wednesday and was not extended.

Reckitt Benckiser's indirect wholly owned subsidiary, Twickenham Inc., accepted for payment a total of 34,623,895 shares, or 95.9% of the outstanding shares of Adams Respiratory.

The total number of shares tendered included 2,637,863 shares subject to guaranteed delivery procedures.

Reckitt Benckiser said it expects to close the merger on Tuesday. Adams Respiratory will become an indirect wholly owned subsidiary or Reckitt Benckiser, according to a company news release.

Remaining Adams Respiratory stockholders will receive the same $60 cash per share paid in the tender offer.

The tender offer began Dec. 21 and was valued at some $2.3 billion.

As previously reported, early termination of the Hart-Scott-Rodino waiting period in the proposed merger has been granted by the Federal Trade Commission.

Adams is a specialty pharmaceutical company based in Chester, N.J.

Reckitt Benckiser is a household cleaning, health and personal care company based in Slough, England. The company's brands include Lysol, Electrasol, Woolite, Veet and Gaviscon.

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