Pfizer Extends Tender Offer for King
The Associated Press reports that Pfizer Inc. extended its $3.6 billion tender offer for King Pharmaceuticals Inc., citing the need for more time to meet regulatory and antitrust conditions. The offer, which was set to close on Dec. 17, is now extended to Jan. 21. The companies now expect the deal to close in early 2011. Pfizer initially announced the $14.25 per share deal on Oct. 12 and it marked a premium of 40 percent to King''s value at the time. Along with abuse-resistant pain drugs made by King, the deal gives Pfizer other products, including EpiPen, a pre-filled injection designed to quickly treat serious allergic reactions; Thrombin-JMI, designed to control bleeding; the Flector pain patch; and the pain drug Avinza.