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news.GlaxoSmithKline is extending the period for the cash tender offer by its wholly-owned subsidiary Pilgrim Acquisition Corporation to purchase all outstanding shares of common stock of Praecis Pharmaceuticals.
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The subsequent offering period will now expire on February 15 2007 and will not be further extended, GlaxoSmithKline said.
Praecis stockholders have now tendered a total of approximately 9.2 million shares of common stock, representing approximately 85.89% of the common stock outstanding. Pilgrim has accepted for payment all shares tendered in the offer.
The extension of the subsequent offering period will permit all stockholders who have not yet tendered to obtain the $5 per share offer price for the merger.
If as a result of additional shares tendered and purchased in the subsequent offering period or otherwise, Pilgrim will become the owner of at least 90% of the outstanding Praecis shares.