Pfizer subsidiary Parker Tennessee has completed its tender offer for all outstanding shares of common stock of US-based King Pharmaceuticals at $14.25 per share.
The offering period and withdrawal rights expired on 28 January 2010, and 92.5% of the outstanding shares of common stock were validly tendered and not validly withdrawn.
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Pfizer intends to complete the acquisition through a short-form merger under Tennessee law on 28 February, and individuals designated by Pfizer will constitute a majority of the King board of directors.
Upon completion, King will become a wholly-owned subsidiary of Pfizer and common stock will cease to be traded on the New York Stock Exchange.
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