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.