Alpharma has finally agreed to King Pharmaceuticals' $1.6 billion cash takeover offer, ending the drugmakers' months-long battle.
King has agreed to pay $37 per share for Alpharma
After Alpharma Inc. rejected the original $1.4 billion offer, Bristol, Tenn.-based King Pharmaceuticals Inc.
Both companies' boards have unanimously approved the deal. King's tender offer, which had been scheduled to expire Nov. 21, is now extended to Dec. 19. As of last Friday, 73 percent of Alpharma shares had been tendered.
King expects the deal to close by the end of the year, and add to adjusted earnings in the second full year after closing.
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