This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ICN Completes Ribapharm Deal

ICN Pharmaceuticals (ICN) has completed its acquisition of all outstanding shares of Ribapharm (RNA) with little room to spare.

ICN reported Wednesday that 69.33% of Ribapharm shares had been tendered in acceptance of ICN's offer of $6.25 a share for the Ribapharm shares that ICN didn't own. ICN needed to secure 66.67% of the shares by Tuesday, according to an agreement worked out between the two companies.

ICN already owned 80% of Ribapharm's shares. Ribapharm's directors had called the cash tender offer "inadequate," but they agreed to let the deal proceed if enough shares were tendered. ICN had offered $5.60 a share in June but raised the amount earlier this month.

Both companies are based in Costa Mesa, Calif. ICN spun off Ribapharm in April 2002 while still holding about 83% of the spin-off's shares. It had planned to distribute the rest of the shares to Ribapharm shareholders within six months after the IPO.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
ICN $21.29 0.71%
RNA $18.65 0.00%
AAPL $114.64 -3.21%
FB $94.06 -0.08%
GOOG $629.25 -0.31%

Markets

Chart of I:DJI
DOW 17,550.69 -47.51 -0.27%
S&P 500 2,093.32 -4.72 -0.22%
NASDAQ 5,105.5460 -9.8360 -0.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs