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Alpharma Stays The Course
NJBIZ, Oct 20, 2008 by Gaudio, Thomas
Specialty drug-maker Alpharma Inc. is standing pat on its call for shareholders to reject King Pharmaceuticals Inc.'s hostile takeover bid of $37 per share, or $1.6 billion, in cash as the would-be buyer last week extended its offer that was set to expire Oct. 10.
"Nothing has changed since the last statement," says Jack Howarth, vice president of investor relations at Bridgewater-based Alpharma, whose products include extended-release morphine pill Kadian and the Flexor patch for minor pain. On Sept. 26, the company asked stockholders to ignore Bristol, Tenn.-based King Pharmaceuticals' unsolicited offer while Alpharma pursued a better deal with King and other possible buyers.
Despite the plea, 45 percent of Alpharma's shareholders tendered, or accepted, King Pharmaceuticals' bid as of Oct. 10. King, which has not bought me shares, has extended its offer mrough Nov. 21. -Thomas Gaudio
Copyright Journal Publications Inc. Oct 20, 2008
Provided by ProQuest Information and Learning Company. All rights Reserved
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