Pfizer begins tender for Coley Pharmaceutical shares

By Lisa Kerner

Charlotte, N.C., Nov. 30 - Pfizer Inc. began its $8 cash per-share tender offer for all outstanding shares of Coley Pharmaceutical Group, Inc.'s common stock.

The offer is set to end at midnight ET on Dec. 28, a company news release stated.

Coley shareholders owning about 27% of the company's outstanding shares have agreed to tender their shares in the offer.

It was previously reported that Pfizer agreed to acquire Coley in a deal valued at about $164 million. The transaction is slated to close early in 2008.

The depositary for the offer is Computershare Trust Co. NA, and the dealer manager is Lazard Freres & Co. LLC. Georgeson Inc. is the information agent.

Coley is a Wellesley, Mass.-based biopharmaceutical company.

Pfizer is a pharmaceutical company located in New York.

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