December 22, 2008 / 1:41 PM / 11 years ago

UPDATE 1-King Pharma extends cash tender offer for Alpharma

BOSTON, Dec 22 (Reuters) - King Pharmaceuticals Inc KG.N said on Monday that it had extended its $1.6 billion tender offer for the outstanding shares of Alpharma Inc (ALO.N).

Last month, King agreed to acquire Alpharma for $37 a share, giving King access to Alpharma’s Kadian pain drug and Flector pain patch, in addition to its Embeda experimental pain drug.

King said the tender offer, which was scheduled to expire at 5 p.m. New York City time on Dec. 19, has been extended until 10 a.m. on Dec. 29, unless further extended.

As of 5 p.m. on Dec. 19, 92.2 percent of the outstanding shares of Class A common stock of Alpharma were tendered, King said. (Reporting by Toni Clarke; Editing by Lisa Von Ahn)

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