King Pharmaceuticals extends tender off for Alpharma shares

BRISTOL, Tenn. King Pharmaceuticals has extended its tender offer for all outstanding shares of Class A common stock in Alpharma until Nov. 21, King announced Monday.

King announced an offer to acquire the shares for $37 each, and originally announced a deadline of Oct. 10 for the offer. The offer, totaling about $1.6 billion, was 67 percent more than the closing price of the stock on Aug. 4, when King first delivered a proposal offering to acquire the stock.

About 18.8 million shares of the stock, or 45 percent of all outstanding shares, were validly tendered and not withdrawn, pursuant to the tender offer.