Bristol-Myers Squibb Medarex tender offer expires

Bristol-Myers Squibb has announced that its tender offer for all outstanding shares of Medarex has expired.

The firm has tendered 87.7 per cent of the shares through its wholly-owned subsidiary, and the offer was not extended further beyond the agreed date.

Overall, 119,012,034 of Medarex common stock were tendered in addition to the existing 2.1 per cent of the company’s shares that Bristol-Myers Squibb has owned since the beginning of 2005.

As part of the merger, shareholders will receive a total of $16 (9.80 pounds) per share in cash minus interest.

This news comes after a court granted Bristol-Myers Squibb a preliminary approval for the settlement of its shareholder action Sampson vs Robinson last month.

The company is now awaiting court approval for the settlement, which is in relation to the Plavix patent litigation in 2006 and has been scheduled for December 8th 2009.