Bristol-Myers Squibb initiated a cash tender offer on May 29, 2008, to purchase all outstanding common stock of Kosan for $5.50 per share. The tender offer expired at midnight EDT on June 25, 2008, at which time approximately 41,449,606 shares, including 1,682,151 shares subject to guaranteed delivery procedures, were tendered, representing approximately 97.1% of the shares outstanding.
Bristol-Myers Squibb has now acquired all of the remaining outstanding shares of Kosan. These shares, other than those owned by stockholders of Kosan who properly perfect their appraisal rights under Delaware law, were converted into the right to receive $5.50 per share, in cash and without interest, less any required withholding taxes.