CHADDS FORD, Pa., March 2 /PRNewswire-FirstCall/ -- Endo Pharmaceuticals (Nasdaq: ENDP) announced today that it has extended the subsequent offering period of the tender offer by its wholly owned subsidiary, BTB Purchaser Inc., for all of the outstanding shares of common stock of Indevus Pharmaceuticals, Inc. (Nasdaq: IDEV). The subsequent offering period will now expire at 5:00 p.m. New York City time on Friday, March 13, 2009. American Stock Transfer & Trust Company, the depositary for the tender offer, has advised Endo that, as of 5:00 p.m., New York City time, on February 27, 2009, approximately 64,318,145 shares were validly tendered in the tender offer, representing approximately 80.928% of Indevus' issued and outstanding shares.
During the extended subsequent offering period, BTB will accept for payment and promptly pay for Indevus shares as they are tendered each day. Stockholders who tender shares during such period will receive the same $4.50 per Indevus share in cash and the non-transferable contractual right to receive up to an additional $3.00 per Indevus share in cash payable upon achievement of certain regulatory and sales milestones as was paid to Indevus stockholders pursuant to the tender offer.
Procedures for tendering shares during this extension of the subsequent offering period shall be the same as during the subsequent offering period with one addition: during the extended subsequent offering period shares may now be delivered by the same guaranteed delivery procedure that was applicable during the initial offering period. Pursuant to Rule 14d-7(a)(2) under the Securities Exchange Act of 1934, as amended, shares tendered during the subsequent offer period may not be withdrawn.
As a result of the purchase of shares in the tender offer on February 23, 2009, BTB has sufficient voting power to approve the merger without the affirmative vote of any other Indevus stockholder. Following the merger, Indevus will become a wholly-owned subsidiary of Endo, and each share of Indevus' outstanding common stock will be cancelled and converted into the right to receive the same consideration, without interest, received by holders who tendered in the tender offer. Thereafter, Indevus common stock will cease to be traded on the NASDAQ Stock Market.
