Medarex holders may put 2.25% convertibles following change of control

By Susanna Moon

Chicago, Sept. 24 - Medarex, Inc. said holders of the company's 2.25% convertible senior notes due May 15, 2011 may tender their notes by Oct. 23 at par in cash plus accrued interest to the repurchase date.

The notes are putable because of a change in control that resulted from the end of the initial offering period on Aug. 27 in the tender offer made by Bristol-Myers Squibb Co. and wholly owned subsidiary Puma Acquisition Corp. for all of Medarex's common stock, according to a press release from Bristol-Myers Squibb.

Bristol-Myers Squibb completed the tender offer on Sept. 1 and, as a result, Medarex merged with Puma, with Medarex continuing as the surviving company and a wholly owned subsidiary of Bristol-Myers Squibb, a New York City-based pharmaceutical company.

A holder's election to require repurchase of the convertibles will continue until the close of business on Nov. 6, and the payment date is Nov. 9.

The convertibles were amended to provide that, following the effective time of the merger, the notes are convertible only into $1,166.6064 in cash per $1,000 principal amount of the notes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.