Pfizer's tender offer for Coley ends; merger expected to close within days

By Lisa Kerner

Charlotte, N.C., Dec. 31 - A total of 24,050,054 shares of Coley Pharmaceutical Group, Inc. were validly tendered and not withdrawn in Pfizer Inc.'s tender offer ended Dec. 28.

The total number of shares included 661,444 shares subject to guaranteed delivery, a Pfizer news release stated.

Pfizer, through its indirect wholly owned subsidiary Corvette Acquisition Corp., accepted for payment all validly tendered shares.

The shares accepted for payment, together with the shares previously owned by Corvette Acquisition, represent some 92.2% of Coley's outstanding common shares.

Pfizer said it plans to consummate the merger within the next several days, with remaining Coley shareholders receiving the same $8 cash per share paid in the tender offer.

It was previously reported that Pfizer agreed to acquire Coley for some $164 million. The tender offer began Nov. 30.

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

Pfizer is a pharmaceutical company located in New York.

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