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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
WPI $85.73 0.00%
AAPL $132.65 1.82%
FB $81.91 0.47%
GOOG $555.37 -1.71%
TSLA $231.55 6.01%

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs