Bristol-Myers Squibb begins offer for remaining Medarex shares

By Lisa Kerner

Charlotte, N.C., Aug. 27 - Bristol-Myers Squibb Co. began a subsequent offering period to acquire the remaining shares of Medarex, Inc.

The subsequent offering period ends at midnight ET on Monday.

Medarex shareholders tendered approximately 110,012,034 shares, or 87.7%, of the company's outstanding common stock in the original tender offer than ended Wednesday.

Bristol-Myers Squibb said it will complete its acquisition of Medarex through a second-step merger in which each of the remaining shares of Medarex common stock will be converted into the right to receive $16 per share, in cash, without interest and less any required withholding taxes.

A short-form merger will be completed "as soon as practicable" to combine the biopharmaceutical companies following the subsequent offering if Bristol-Myers Squibb owns at least 90% of the Medarex shares.

Medarex will become a wholly owned subsidiary of Bristol-Myers Squibb, and its common stock will no longer trade on Nasdaq, according to a Bristol-Myers Squibb news release.

As previously reported, New York-based Bristol-Myers Squibb agreed to acquire Medarex, based in Princeton, N.J., for approximately $2.4 billion, including Medarex's projected $300 million in net cash and marketable securities.

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