Bristol-Myers Squibb Co. (BMY) said Tuesday that it has completed its acquisition of ZymoGenetics, Inc. (ZGEN).
As a result, ZymoGenetics has become a wholly-owned subsidiary of Bristol-Myers Squibb.
Bristol-Myers Squibb initiated a cash tender offer on September 10 to purchase all outstanding shares of common stock of ZymoGenetics for $9.75 per share. The tender offer period expired on October 7, and was not extended.
As of the expiration of the offer, about 82.6 million shares were validly tendered and not validly withdrawn prior to the expiration of the offer, representing about 94.9% of the ZymoGenetics shares outstanding. As of the close of business on October 11, about 981,756 shares remained subject to guaranteed delivery procedures.
Today, Bristol-Myers Squibb acquired all of the remaining outstanding shares of ZymoGenetics common stock by means of a "short form merger" in which all such shares were converted into the right to receive $9.75 per share, in cash and without interest, less any required withholding taxes.
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