Abbott’s cash tender offer to purchase all of the outstanding common stock of Kos expired on December 12, 2006. Abbot offered to acquire Kos last month for $3.7 billion.
A total of 34,968,570 shares of Kos common stock were validly tendered and not withdrawn prior to the expiration of the offer, including 1,903,089 shares subject to guaranteed delivery procedures. Abbott has accepted all of these shares for payment. The shares accepted for payment, together with the shares acquired in a concurrent transaction, represent approximately 91.4% of Kos’ outstanding common shares.
As the final step of the acquisition process, Abbott intends to consummate a merger in which remaining Kos shareholders will receive the same $78 cash price per share paid in the tender offer. Consummation of the merger is expected to occur within the next several days.