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

Andrx Holders Approve Watson Deal

Generic-drug maker Andrx (ADRX) says its shareholders have endorsed a $25-a-share buyout from rival Watson Pharmaceuticals (WPI).

Shareholders of Andrx, based in Fort Lauderdale, Fla., voted Wednesday on a deal that should be completed in the third quarter, the companies said. Watson is based in Corona, Calif.

The $1.9 billion cash transaction must be approved by the Federal Trade Commission, which has twice asked the companies for more information, most recently in early May. For the deal to close, "other various conditions" must be met. The companies didn't provide details.

Although a special Andrx shareholder meeting was scheduled for 10 a.m. EDT, the companies didn't announce the results until after the markets had closed. In regular trading, Andrx closed at $23.42, up 7 cents. After hours, the stock gained 3 cents. Watson's stock closed at $23.32, up 5 cents.

The Andrx-Watson deal represents another example of generic drug-industry consolidation. On Tuesday, Barr Pharmaceuticals (BRL) signed an agreement to pay $2.2 billion for Pliva, a generic-drug company based in Zagreb, Croatia .

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
WPI $85.73 0.00%
AAPL $121.30 -0.87%
FB $94.01 -1.26%
GOOG $625.61 -1.10%
TSLA $266.15 -0.24%

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs