Bristol-Myers Extends Cash Tender Offer
NEW YORK (AP) ¿ Drugmaker Bristol-Myers Squibb Co. said Thursday it's extending its cash tender offer to buy up shares of biotech company Medarex Inc. until Aug. 26.
The tender offer originally was set to expire on Aug. 24. All other terms of the deal remain the same.
Bristol-Myers said in July it would pay $16 per share, or $2.1 billion, to acquire Princeton, N.J.-based Medarex. As of Thursday, less than 9 percent of Medarex's outstanding shares had been tendered.
The acquisition would give Bristol-Myers, the maker of blood thinner Plavix, access to drug candidates aimed at immunologic disorders.The Medarex board has recommended that stockholders tender their shares. Shares of Bristol-Myers added 6 cents to close at $22.25 Thursday.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV