King Pharmaceuticals begins tender offer for Alpharma

By Lisa Kerner

Charlotte, N.C., Sept. 12 - King Pharmaceuticals, Inc. began its $37-per-share tender offer on Friday for all of Alpharma Inc.'s outstanding shares of class A common stock.

The offer is set to end at 5 p.m. ET on Oct. 10, unless extended.

King took its $1.6 million offer directly to Alpharma shareholders and said it is also prepared to begin a consent solicitation to replace Alpharma's board of directors if necessary, according to a King news release.

Alpharma's board of directors urged its shareholders to refrain from taking any action with respect to the offer until the board makes a recommendation, the company said on Thursday.

As previously reported, Alpharma had adopted a limited-duration shareholder rights plan in response to King's prior unsolicited offer of $33 per share. The plan is set to expire on Sept. 1, 2009.

Innisfree M&A Inc. is the information agent for the offer.

King, a Bristol, Tenn., integrated branded pharmaceutical company, was advised by Credit Suisse and Wachovia Securities.

Alpharma is a Bridgewater, N.J.-based specialty pharmaceutical and animal health company.

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