Alpharma says King bid not in best shareholder interest

SAN FRANCISCO (MarketWatch) — Alpharma Inc. said Friday it rejected a $33-a-share bid from King Pharmaceuticals Inc. because it was identical to two previously made bids for the company by King. Alpharma said its board determined the new unsolicited offer was not in the best interests of its shareholders, but left the door open for a better offer. In a letter to King Chairman and Chief Executive Brian Markison, Alpharma CEO Dean Mitchell said King “declined to enter into a customary confidentiality agreement that would enable us to have an orderly evaluation process and ensure that we are able to protect the long-term interests of our shareholders.”
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Original post by Forextvblog

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