CHESTER, N.J. Reckitt Benckiser on Thursday completed its previously announced cash tender offer for all outstanding shares of common stock of Adams Respiratory Therapeutics.
More than 34.6 million shares had been tendered and not withdrawn prior to the expiration of the offer—which expired Wednesday at midnight.
As the final step of the acquisition process, Reckitt Benckiser intends to consummate a merger in which remaining Adams stockholders will receive the same $60 in cash per share paid in the offer. Consummation of the merger is expected to occur on Jan. 29.
Following the merger, Adams will become an indirect wholly owned subsidiary of Reckitt Benckiser.