Announces that Approximately 89.3 Percent of Outstanding Indevus Shares Have Been Accepted for Purchase
CHADDS FORD, Pa., March 16 /PRNewswire-FirstCall/ -- Endo Pharmaceuticals (Nasdaq: ENDP) announced today that, as of 5:00 p.m., New York City time, on March 13, 2009, approximately 71,008,964 shares (including shares delivered through notices of guaranteed delivery) were validly tendered and accepted for purchase in the tender offer by its wholly owned subsidiary, BTB Purchaser Inc., representing approximately 89.3% of the issued and outstanding shares of Indevus Pharmaceuticals, Inc. (Nasdaq: IDEV).
Endo has extended the subsequent offering period for all of the outstanding shares of Indevus common stock until 5:00 p.m. New York City time on Wednesday, March 18, 2009. Endo and BTB do not intend to further extend the subsequent offering period, and expect to close the merger of Indevus and BTB following the expiration of the subsequent offering period.
During the extension of the subsequent offering period, BTB will accept for payment and promptly pay for Indevus shares as they are validly 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 who previously tendered shares into the offer.
Procedures for tendering shares during this extension of the subsequent offering period shall be the same as during the subsequent offering period, including that shares may 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under the Securities Exchange Act of 1934, as amended, shares tendered during the subsequent offering period may not be withdrawn.
About Endo
Endo Pharmaceuticals is a specialty pharmaceutical company engaged in the research, development, sale and marketing of branded and generic prescription pharmaceuticals used primarily to treat and manage pain.
