Abbott Snaps Up Facet Shares

20 April 2010 (Last Updated April 20th, 2010 18:30)

Abbott has announced the successful completion of the tender offer by its wholly owned subsidiary Amber Acquisition Inc to purchase all outstanding shares of Facet Biotech common stock. The tender offer expired at midnight EDT, on 19 April 2010 and was not extended. In additio

Abbott has announced the successful completion of the tender offer by its wholly owned subsidiary Amber Acquisition Inc to purchase all outstanding shares of Facet Biotech common stock.

The tender offer expired at midnight EDT, on 19 April 2010 and was not extended.

In addition, Abbott announced plans by Amber to exercise its option, under the terms of the previously announced merger agreement, to purchase directly a number of additional shares sufficient to give Amber ownership of more than 90% of Facet's outstanding common stock on a fully diluted basis.

Exercise of this option will permit a short-form merger, which Abbott intends to effect as soon as possible, without the need for a meeting of Facet stockholders.

The depositary for the tender offer has advised Abbott that a total of 19,257,669 shares of Facet common stock were validly tendered and not withdrawn (including 914,673 shares subject to guaranteed delivery procedures).

These shares represent approximately 76.3% of Facet's outstanding shares of common stock, or 70.4% on a fully diluted basis.

After the merger, Facet will be a wholly owned subsidiary of Abbott, and Facet shares will cease to be traded on NASDAQ.