Alpharma Yields To Takeover By King

Alpharma has agreed to be acquired by King Pharmaceuticals in a stock deal valued at $1.6 billion. The agreement follows a series of offers by King that Alpharma CEO Dean J. Mitchell rejected, claiming they undervalued his company. In September, King took its bid directly to shareholders, upping the offer from $33 per share to $37. With 73% of shares tendered, Alpharma has now officially backed the deal. "The transformation of Alpharma over the past two years has created tremendous shareholder value, and we have consistently said we will act in the best interest of shareholders," Mitchell says.