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Last Update: 09-Jan-12 11:05 ET
Inhibitex Up Sharply Following News That Bristol-Myers Squibb (BMY) Will Acquire The Co
Inhibitex (INHX $23.83 +13.96)is 141% higher following news this morning that Bristol-Myers Squibb (BMY) is going to acquire the company for $26.00 per share.
Bristol-Myers Squibb (BMY) and Inhibitex (INHX) announce that the companies have signed a definitive agreement under which BMY will acquire INHX for $26.00 per share in cash pursuant to a cash tender offer and second step merger and has an aggregate purchase price of ~$2.5 bln, has been approved by the boards of directors of both companies. The board of directors of INHX have agreed to recommend that shareholders tender their shares in the tender offer.
In addition, shareholders with beneficial ownership of ~17% of common stock have entered into agreements with BMY to support the transaction and to tender their shares in the tender offer. The transaction is expected to be dilutive to earnings for Bristol-Myers Squibb through 2016, with an expected impact on earnings per share of ~$0.04 in 2012 and ~$0.05 in 2013.
Bristol-Myers Squibb (BMY) and Inhibitex (INHX) announce that the companies have signed a definitive agreement under which BMY will acquire INHX for $26.00 per share in cash pursuant to a cash tender offer and second step merger and has an aggregate purchase price of ~$2.5 bln, has been approved by the boards of directors of both companies. The board of directors of INHX have agreed to recommend that shareholders tender their shares in the tender offer.
In addition, shareholders with beneficial ownership of ~17% of common stock have entered into agreements with BMY to support the transaction and to tender their shares in the tender offer. The transaction is expected to be dilutive to earnings for Bristol-Myers Squibb through 2016, with an expected impact on earnings per share of ~$0.04 in 2012 and ~$0.05 in 2013.
