King extends its offer for Alpharma

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

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 (Also see "King’s Higher Bid For Alpharma Still No Ace, Board Says" - Pink Sheet, 29 Sep, 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.