King commences $1.6 bn tender offer for Alpharma

NEW YORK: King Pharmaceuticals Inc said on Friday it has commenced its $1.6 billion tender offer for Alpharma Inc, a day after it raised its offer and said it would take it directly to Alpharma shareholders. The $37-per-share tender offer is scheduled to expire at 5:00 p.m. EDT (2100 GMT) Oct. 10, unless extended.

Alpharma on Thursday urged shareholders to take no action with respect to the hostile offer until its board makes a recommendation. Alpharma said its board would make a recommendation to shareholders within 10 business days following the commencement of the tender offer.