The pharmaceutical giant has submitted a US$1.4 billion offer for the specialty pharmaceutical company.
King Pharmaceuticals Inc has today, August 22, submitted a bid to acquire Alpharma Inc for around US$1.4 billion in cash.
It threatened to turn hostile if the company's board refuses to accept the bid.
Despite this, Alpharma, which has not been available for comment, appears to have rejected an initial proposal.
In a letter to Dean Mitchell, Alpharma's chief executive, King CEO Brian Markison said he hoped Alpharma's board would reconsider the proposal.
"We continue to prefer to work together with you and your Board to complete a negotiated transaction," Markison said. "If we are unable to negotiate a transaction, we are prepared to take this offer directly to your stockholders."
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