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MGI Pharma tenders for newly acquired Guilford's Pharmaceuticals convertible notes
By E. Janene Geiss
Philadelphia, Oct. 20 - MGI Pharma, Inc. launched tender offers to purchase any and all of the outstanding 5% convertible subordinated notes due July 1, 2008 originally issued by Guilford Pharmaceuticals Inc.
The Bloomington, Minn.-based biopharmaceutical company is making the tender offer together with its wholly owned subsidiary, MGI GP, Inc., which was formerly known as Guilford Pharmaceuticals Inc.
As a result of MGI Pharma's acquisition of Guilford Pharmaceuticals on Oct. 3, the tender offer is required under the terms of the note indenture.
MGI Pharma will pay par plus accrued interest through Nov. 28 for the notes, estimated at $1,020.56 per $1,000 principal amount.
The tender offer, which expires at 5 p.m. ET on Nov. 28 unless extended, is not contingent on any financing.
Each $1,000 principal amount of the notes is currently convertible, at the option of the holder, into 17.6772 shares of MGI Pharma common stock and $180.28 in cash.
Morrow & Co., Inc. is the information agent (800 607-0088 or tender.info@morrowco.com).
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