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Article: King offers $1.4 billion in cash for Alpharma
- Article from:
- AP Online
- Article date:
- August 22, 2008
CopyrightCopyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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Drugmaker King Pharmaceuticals Inc. said Friday it offered Alpharma Inc. $1.4 billion in cash as part of an unsolicited buyout bid in a move to create a large diverse specialty pharmaceutical company and expand its pain therapy products.
Bristol, Tenn.-based King said it offered $33 per share to Alpharma's board of directors, amounting to a 37 percent premium over the $24.04 closing price of Alpharma's common stock on Thursday. King actually first made the offer to Alpharma in a letter on Aug. 4 and said the offering represents a 49 percent premium, based on the share price that day.
The deal was only publicly disclosed Friday. Alpharma shares surged $10.86, or 45.2 ...