BMS Begins Tender Offer to Acquire US Biotech Amylin
Bristol-Myers Squibb is commencing a tender offer to acquire all outstanding shares of common stock in Amylin Pharmaceuticals.
Bristol-Myers Squibb has begun its tender offer to acquire Amylin Pharmaceuticals, after reaching a deal to acquire the US biotech for $7 billion with partner AstraZeneca.
The two companies are splitting the cost of purchasing the diabetes specialist and will share in the profits.
Amylin stockholders will receive $31 in cash for each share that is validly tendered, following which the company will become a subsidiary of Bristol-Myers Squibb.
The tender offer is due to expire at 17:00 (New York City time) on August 7th 2012 and Amylin's board of directors has already determined the agreement to be "advisable, fair to and in the best interests of Amylin and its stockholders".
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