WOODCLIFF LAKE, N.J., Aug. 27, 2012 /PRNewswire/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced the expiration of the "go shop" period pursuant to the terms of the previously announced merger agreement dated as of July 14, 2012, between the Company and affiliates of TPG.
During the "go shop" process, the Company was permitted, on the terms and subject to the conditions of the merger agreement, to initiate, solicit and encourage inquiries from and engage in discussions with third parties relating to alternative acquisition proposals from the date of the merger agreement until 11:59 p.m., New York City time, on August 24, 2012. The Company engaged in an active and extensive solicitation of 42 potentially interested parties in connection with the "go shop" period, which resulted in three parties negotiating and entering into confidentiality agreements with the Company. Despite its solicitation efforts, the Company did not receive any alternative acquisition proposals during the "go shop" period.
The Company also announced that the Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Act as of August 24, 2012.
The Company has scheduled a special meeting of shareholders for Thursday, September 27, 2012, to adopt the merger agreement. The record date for the special meeting is August 24, 2012.
Par Pharmaceutical Companies, Inc. is a U.S.-based specialty pharmaceutical company. Through its wholly-owned subsidiary's two operating divisions, Par Pharmaceutical and Strativa Pharmaceuticals, it develops, manufactures and markets high-barrier-to-entry generic drugs and niche, innovative proprietary pharmaceuticals. For press release and other company information, visit www.parpharm.com.
Important Notice and
|SOURCE Par Pharmaceutical Companies, Inc.|
Copyright©2012 PR Newswire.
All rights reserved