French drugmaker Sanofi-aventis (SNY) said Tuesday that it has completed its tender offer for all outstanding shares of U.S.-based Chattem, Inc. (CHTT), a manufacturer of over-the-counter healthcare products, toiletries and dietary supplements.
Sanofi-aventis said, as of the expiration time, about 89.8% of Chattem shares or about 18.61 million shares were validly tendered and not withdrawn.
In December, Sanofi-aventis agreed to buye Chattanooga, Tennessee-based Chattem for about $1.9 billion or $93.50 per share in cash, which would enable the company to enter the over-the-counter drugs market in the U.S. The deal has since cleared U.S. antitrust hurdle.
Sanofi-aventis plans to effect a "short-form" merger under Tennessee law after exercising its top-up option under the merger agreement. As a result of the merger, any Chattem shares not tendered in the tender offer will be canceled and converted into the right to receive the same $93.50 per share in cash paid in the tender offer.
Sanofi-aventis shares are currently trading on the NYSE at $36.37, up 46 cents or 1.28%. The company's shares are currently trading down 0.60% at €52.66. Chattem shares are currently trading at $93.50, up 18 cents.
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