King Pharmaceuticals (KG) Completes Acquisition of Alpharma

December 30, 2008 7:58 AM EST

King Pharmaceuticals, Inc. (NYSE: KG) announced the successful completion of the tender offer by King’s wholly-owned subsidiary, Albert Acquisition Corp., for all outstanding shares of Class A Common Stock of Alpharma Inc. (NYSE: ALO) for $37.00 per share in cash. The tender offer expired at 10:00 a.m., New York City time, on December 29, 2008.

As of the expiration of the tender offer, approximately 35,252,205 shares of Class A Common Stock of Alpharma (excluding 4,647,181 shares tendered through notices of guaranteed delivery), were validly tendered and not withdrawn pursuant to the tender offer. This represents approximately 84% of all outstanding shares of Alpharma Class A Common Stock. All validly tendered shares have been accepted for payment in accordance with the terms of the tender offer, and the consideration for all such shares either has been paid or will promptly be paid.

King Pharmaceuticals, Inc. is a vertically integrated pharmaceutical company that performs basic research and develops, manufactures, markets and sells branded prescription pharmaceutical products.[SM]

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