New River Pharmaceuticals Inc. (Nasdaq: NRPH) has signed a definitive agreement with Shire plc (LON: SHP, Nasdaq: SHPGY, TSE: SHQ).
Under the agreement, Shire plc has agreed to acquire New River for $64.00 in cash for each share of NRPH common stock, or approximately $2.6 billion for the fully diluted equity interest of New River.
The acquisition will be effected by means of a cash tender offer by a wholly owned subsidiary of Shire for all outstanding shares of New River, followed by a merger in which each remaining untendered share of New River would be converted into the same $64.00 cash per share price paid in the tender offer.
The two companies expect the tender offer to be commenced by March 2, 2007, and to close early in the second quarter of this year.
Find more details from the press release.
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