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King extends its offer for Alpharma

Executive Summary

King Pharmaceuticals will extend its tender offer for shares of Alpharma to Nov. 21. Its second offer of $37/share was rejected Sept. 26, with CEO Dean Mitchell citing the offer as "financially inadequate." The offer was a step up from King's original $33/share offering (1"The Pink Sheet," Sept. 29, 2008, p. 29). But in a letter to shareholders at the end of September, Mitchell said he believes other offers or alternatives to King's may emerge, providing shareholders with greater value than $37/share, and that the company has received expressions of interest from multiple parties
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