Bristol-Myers Squibb: Review period for Medarex tender expires

Bristol Mayers Squibb has announced the expiration of the Hart-Scott-Rodino (HSR) review period for its tender offer for antibody development firm Medarex.

This news comes after Bristol-Myers Squibb initiated a cash tender for the company in July through its subsidiary Puma Acquisition Corporation.

The offer was to purchase all outstanding shares of Medarex’s common stock at the price of $16 (9.67 pounds) per share.

As part of the original tender, the HSR waiting period ended this week – subject to the terms and conditions on behalf of either party.

The news of the acquisition first came to light in July 2009 as both firms filed the appropriate paperwork regarding the deal with the Securities and Exchange Commission.

At the time, Bristol-Myers Squibb stated that the agreement was “advisable, fair and in the best interests of Medarex and its shareholders”.