I also bought a big chunk of JAV this afternoon & hopefully next week it will tender at 60% higher than I paid for it today. The risk is HSP backs out, but they already own 80% of the company.
HOSPIRA ANNOUNCES EXTENSION OF TENDER OFFER FOR SHARES OF JAVELIN PHARMACEUTICALS
LAKE FOREST, Ill., May 19, 2010 — Hospira, Inc. (NYSE: HSP), a global specialty pharmaceutical and medication delivery company, today announced the extension of the tender offer by Discus Acquisition Corporation, a wholly owned Hospira subsidiary, to purchase all outstanding shares of the common stock of Javelin Pharmaceuticals, Inc. (NYSE - Amex: JAV). In accordance with the merger agreement between the parties, Hospira has delivered notice of the extension of the tender offer to Javelin based on its determination that all of the conditions to the offer had not been satisfied as of the initial expiration date of the offer. Hospira intends to continue to work with Javelin to confirm the satisfaction of the conditions to the offer as promptly as practicable.
The offer, which was scheduled to expire at 12:00 midnight, New York City time, on May 18, 2010 (the end of the day on May 18, 2010) has been extended until 12:00 midnight, New York City time, on June 2, 2010 (the end of the day on June 2, 2010), unless extended for a further period. All other terms and conditions of the tender offer remain unchanged, including procedures for tendering and withdrawing shares during the extension of the original offer period. As of the expiration of the original offer period, a total of 51,062,801 Javelin shares (including 1,037,092 shares tendered pursuant to guaranteed delivery procedures), representing approximately 78.82 percent of the outstanding shares of Javelin common stock, had been validly tendered and not withdrawn.
After expiration of the offer, if all conditions of the tender offer have been met, Hospira intends to acquire all of the remaining outstanding shares of Javelin common stock by means of a merger under Delaware law. As a result, Javelin would be a wholly owned subsidiary of Hospira, Javelin’s shares would cease to be traded on the NYSE Amex, and Javelin would no longer be required to file certain information and periodic reports with the U.S. Securities and Exchange Commission.
surf's up......crikey
