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Pfizer extends offer to acquire King

Parker Tennessee Corp, a wholly-owned subsidiary of Pfizer, has extended the expiration date of its tender offer for all shares of King Pharmaceuticals to December 17, 2010
Parker Tennessee Corp, a wholly-owned subsidiary of Pfizer, has extended the expiration date of its tender offer for all shares of King Pharmaceuticals to December 17, 2010. The tender offer, of $14.25 per share, was previously due to expire on November 19, 2010. Other terms and conditions of the offer remain unchanged. 

The $3.6bn acquisition was first announced in October 2010. The tender offer is being extended because certain conditions to the tender offer are not yet satisfied, including the expiration or earlier termination of any waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and applicable foreign antitrust or competition laws. However, the companies are still on track to achieve their aim to close the acquisition by at latest the end of the first quarter of 2011, assuming they receive the appropriate regulatory clearances. 

To date, Pfizer has acquired almost three quarters (74.9 per cent) of the outstanding shares of King’s common stock. 

22nd November 2010

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