Icahn subsidiary affirms cash tender offer for Vivus 4.5% convertibles

By Susanna Moon

Chicago, Oct. 1 – Icahn Enterprises LP’s subsidiary, IEH Biopharma LLC, said it affirmed its cash tender offer for the 4.5% convertible senior notes due 2020 issued by Vivus, Inc.

As previously announced, Icahn is offering $680 per $1,000 principal amount of the notes plus accrued interest up to but excluding the settlement date.

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

Vivus said on Sept. 22 that 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.

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

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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