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King gets access to Alpharma books
Methinks Alpharma did protest too much. The hard-to-get target of King Pharmaceuticals' takeover suit, Alpharma scorned King's first offer of $33 a share, and then spurned a sweetened $37 bid. Plenty of other people want us, Alpharma claimed. But now Alpharma says it will negotiate with King, at least privately; the company told the Securities and Exchange Commission that it's inking a confidentiality agreement with its previously rebuffed partner.
No guarantees that a deal will be forthcoming, of course. But letting King into its books seems to put the lie to the supposed competing bids. Perhaps just the usual pre-negotiating bluster, designed to eke out as much value for shareholders as possible. Stay tuned for Alpharma's next move.
- see the Pharmalot post
Related Articles:
King responds to Alpharma's rejection
Alpharma rejects King's bid--again
Alpharma works to fend off King
Alpharma shares skyrocket on King's buyout offer
King offers $1.4B for Alpharma
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