Icahn subsidiary obtains tenders for 68% of Vivus’ 4.5% convertibles

By Susanna Moon

Chicago, Oct. 8 – Icahn Enterprises LP’s subsidiary, IEH Biopharma LLC, said investors had tendered $170,165,000 principal amount, or 68%, of the 4.5% convertible senior notes due 2020 issued by Vivus, Inc.

The remaining conditions for the tender offer have been satisfied, according to a company press release.

Under the terms of the offer, Icahn was not obliged to buy any notes unless at least a majority was tendered, as previously noted.

The company will pay $680 for each $1,000 of principal amount of notes plus accrued interest up to but excluding the payment date of Oct. 9.

The offer ended at 5 p.m. ET on Oct. 7.

IEH said on Oct. 1 that it was affirming the cash tender offer for the convertibles.

As announced on Sept. 22, Vivus said its board of directors was neutral toward the unsolicited tender offer and urged holders to consider all aspects of the offer before making their decision.

D.F. King & Co., Inc. (800 515-4507, banks and brokers call 212 269-5550) is information agent, and Continental Stock Transfer & Trust Co. (917 262-2378) is depositary.

Vivus is a Mountain View, Calif.-based pharmaceutical company focused on treatments for obesity and sexual dysfunction. Icahn Enterprises is a New York-based investment holding company.

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