Abbott announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) applicable to Abbott’s cash tender offer to purchase all of the outstanding shares of common stock of Facet Biotech Corporation expired last night at 11:59 p.m. Eastern time.
The expiration of the HSR waiting period satisfies one of the conditions necessary for the consummation of the tender offer. The tender offer is scheduled to expire at midnight Eastern time on Monday, April 19, 2010 (the end of the day on Monday), unless the tender offer is extended. Consummation of the tender offer remains subject to other customary conditions, including the tender of a majority of the outstanding shares of Facet’s common stock, determined on a fully diluted basis.
As previously announced, Abbott commenced the tender offer on March 23, 2010, for all of the outstanding shares of Facet common stock for $27 per share in cash. The tender offer was made pursuant to an Offer to Purchase, dated March 23, 2010, and in connection with the Agreement and Plan of Merger, dated March 9, 2010, entered into by and among Abbott, Amber Acquisition Inc., a wholly owned subsidiary of Abbott, and Facet, which Abbott and Facet announced on March 9, 2010.
Date: April 8, 2010
Source: Abbott Laboratories