Pfizer Inc. (PFE) again pushed back the expiration date of its
tender offer to buy King Pharmaceuticals Inc. (KG), this time by a
week as it seeks to complete the $3.6-billion deal for the
painkiller maker.
King shares were down 9 cents at $14.21 in recent premarket
trading. Pfizer closed Thursday at $18.24 and was inactive
premarket.
The offer was previously scheduled to expire at midnight Friday,
and it is now slated to end at midnight Jan. 28. Terms were amended
to eliminate the ability of King shareholders to tender their
shares through a guaranteed delivery process.
As of the close of business on Thursday, about 115.3 million
King shares had been tendered and not withdrawn. That is fewer than
last month, when it stood at 116.5 million, though the percentage
remains at about 46.6% of shares outstanding.
The tender offer for Tennessee-based King stands at $14.25 a
share.
Pfizer in October agreed to buy King as part of its effort to
make deals and enter rights agreements and collaboration ahead of
looming patent expirations. Last year, Pfizer bought Wyeth for $68
billion.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com
