Drug Company Buyout Offer Turns Hostile

     WILMINGTON, DEL. (CN) – King Pharmaceutical sued Alpharma in Chancery Court to try to force it to accept King’s buyout offer of $33 a share, a 45% premium over Alpharma’s pre-offer stock price, or a second offer of $37 a share. King says Alpharma rushed through “poison pill” shareholder provisions to fight the buyout, and that it hurt its shareholders in doing so.

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