Bristol-Myers Completes $2.1B Tender for Medarex
Tue, 09/01/2009 - 12:00pm
NEW YORK (AP) — Drugmaker Bristol-Myers Squibb Co. said Tuesday it completed its tender offer for shares of Medarex Inc. Bristol-Myers said 120.4 million shares of Medarex were tendered in favor of its bid, which is worth $2.1 billion, or $16 per share. Including shares of Medarex that Bristol-Myers already owned, 90.7 percent of Medarex stock has been tendered in support of the offer. That means Bristol-Myers can close the deal without a vote or meeting of Medarex shareholders, and the company said the deal may close Tuesday. When the acquisition closes, Medarex will be a wholly owned subsidiary of Bristol-Myers and its shares will no longer trade on the Nasdaq Stock Market.