King offer sends Alpharma shares up 45 percent
King Pharmaceuticals sought a friendly merger with Alpharma, Inc. and this morning, submitted a $1.4 billion bid for their specialty drug making counterpart.
King submitted an initial offer on August 4th which was obviously rejected. Today’s offer was almost a 50 percent increase from the previously rejected bid and a 37 percent premium over Alpharma’s closing price yesterday.
Alas, the Alpharma board was not impressed and has rejected King’s new offer. King’s CEO has offered to work with Alpharma’s board but has made it clear that his company will not hesitate to take it to the stockholders.
Tags: alpharma, bid, king, merger, takeoverRelated Stories
POSTED IN: Acquisitions, Corporate, Investment, Market, News
0 opinions for King offer sends Alpharma shares up 45 percent
No one has left a comment yet. You know what this means, right? You could be first!
Have an opinion? Leave a comment: