Sanofi-Aventis (SNY) and Chattem Inc. (CHTT) announced Monday morning that they entered into a definitive agreement under which Sanofi-Aventis will acquire 100% of the outstanding shares of Chattem in a cash tender offer for $93.50 per share, or approximately $1.9 billion.
Chattem Inc. gapped open sharply higher Monday and is now up 22.97 at $92.95 on the highest volume of the year. The stock has surged to a new high for the year.
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