Allergan Inc.'s (AGN) unit, Groundhog Acquisition Inc., has commenced a tender offer to buy all outstanding common shares of MAP Pharmaceuticals, Inc. (MAPP) for $25.00 per share, net to the seller in cash, without interest and less any applicable withholding taxes.
MAP Pharmaceuticals' board has unanimously determined that the tender offer is advisable, fair to and in the best interests of MAP and its stockholders and would urge that MAP's stockholders accept the tender offer and tender their shares to Purchaser. MAP's directors and executive officers and a major stockholder of MAP affiliated with a director, collectively owning some 9 percent of MAP's outstanding stock, have reached a tender and support deal with Allergan committing to tender all of their MAP shares in the tender offer and, if applicable, to vote in favor of the Merger.
The tender offer and withdrawal rights are slated to expire at 12:00 midnight, New York City time, on the night of February 28, 2013, unless extended as per the Merger Agreement and applicable rules and regulations of the SEC.
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