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Strategies & Market Trends : Speculating in Takeover Targets
CTG 8.530+5.8%3:58 PM EST

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To: richardred who wrote (1964)3/19/2008 12:55:43 PM
From: richardred   of 6157
 
CollaGenex Buyout Moves Toward Close
Wednesday March 19, 10:30 am ET
Galderma Moves Toward Closing CollaGenex Buyout As Antitrust Waiting Period Expires

NEWTOWN, Pa. (AP) -- Galderma Pharma SA's proposed acquisition of CollaGenex Pharmaceuticals Inc. moved a step closer to completion Wednesday as the waiting period required under U.S. antitrust law expired.

The cash tender offer of $16.60 per share began on March 7 and will expire on April 4.

In a tender offer, the purchaser makes a public offer to acquire shares in a corporation at a set price and during a set offer period. Some tenders offers are conditioned upon shareholders agreeing to sell a certain percentage of outstanding shares to the purchaser.

Both CollaGenex and Galderma focus on developing dermatological products. Galderma is a privately-held joint venture between Nestle and L'Oreal.

CollaGenex shares rose 6 cents to $16.54 in morning trading.

biz.yahoo.com
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