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, but moved in a narrow range throughout the day. The stock closed higher by $23.16 at $93.14 on the highest volume of the year. Chattem jumped to a new high for the year.
For comments and feedback: editorial@rttnews.com