King Makes Bid to Alpharma Shareholders

Alpharma has repeatedly turned down King Pharmaceutical’s unsolicited bid. As promised, King is taking its proposal directly to Alpharma shareholders.

King specializes in research and development and pain drugs, announced on Thursday that it was increasing its bid from $33 per share to $37 per share, valuing the company at $1.55 billion.

“We have determined it is necessary to take our enhanced offer directly to Alpharma stockholders in order to deliver significant value to them as expeditiously as possible,” said King CEO Brian A. Markison in a statement.

Alpharma had rejected King’s earlier bid, citing it was too low. Alpharma has advised shareholders not to take any rash action until its board has looked into the new offer.

King noted that it intends to replace the entire board with its own nominees, should they acquire the company.

“We are committed to completing this transaction and remain willing to work cooperatively with Alpharma,” said Markison.