Sanofi-aventis (SNY) said it completed its tender offer for all outstanding common shares of Chattem Inc. (CHTT). The depositary for the tender offer has advised sanofi-aventis that, as of the expiration time, about 18.61 million common shares of Chattem were validly tendered and not withdrawn representing about 89.8% of the shares on a fully-diluted basis.
Sanofi-aventis said it plans to effect a "short-form" merger under Tennessee law after exercising its top-up option under the merger agreement, and Chattem would become an indirect, wholly-owned unit of sanofi-aventis.
As a result of the merger, any common shares of Chattem not tendered in the tender offer will be cancelled and converted into the right to receive the same $93.50 per share in cash paid in the tender offer.
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