Bristol-Myers Squibb completes tender offer for Medarex
NEW YORK A global biopharmaceutical company has completed its tender offer of all outstanding common stock of another company.
Bristol-Myers Squibb Company tendered approximately 120,417,467 shares, representing, together with the 2,879,223 shares of Medarex common stock owned by Bristol-Myers Squibb since January 2005, approximately 90.7% of the Medarex shares outstanding.
According to the terms of the tender offer, all shares that were validly tendered have been accepted for payment. The subsequent offering period expired at midnight on Aug. 31, and was not extended. Bristol-Myers Squibb intends to complete the acquisition of Medarex through what is known as a “short-form merger,” that is, without a vote or meeting of Medarex’s remaining shareholders. In the merger, each of the remaining shares of Medarex common stock will be converted into the right to receive $16.00 per share, in cash, without interest and less any required withholding taxes, which is the same amount per share which was paid in the tender offer. The merger is expected to occur on or about September 1, 2009. Following the merger, Medarex will become a wholly-owned subsidiary of Bristol-Myers Squibb, and Medarex’s common stock will no longer list on NASDAQ.