Forest (FRX) Reports Successful Tender for Clinical Data (CLDA)
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Forest Laboratories, Inc. (NYSE: FRX) unit, Magnolia Acquisition Corp., announces successful completion of the tender offer for all outstanding shares of common stock of, and certain outstanding notes and warrants convertible into or exercisable for the common stock of, Clinical Data, Inc. (Nasdaq: CLDA).
Magnolia intends to convert the entire principal amount of convertible notes it acquires in the tender offer into 6,110,599 shares of Clinical Data common stock and, if necessary to become the owner of more than 90% of the outstanding shares of common stock, to exercise its top-up option pursuant to the terms of the previously announced merger agreement among Forest, FL Holding CV, an indirect wholly-owned subsidiary of Forest, Magnolia and Clinical Data.
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Magnolia intends to convert the entire principal amount of convertible notes it acquires in the tender offer into 6,110,599 shares of Clinical Data common stock and, if necessary to become the owner of more than 90% of the outstanding shares of common stock, to exercise its top-up option pursuant to the terms of the previously announced merger agreement among Forest, FL Holding CV, an indirect wholly-owned subsidiary of Forest, Magnolia and Clinical Data.
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