PARIS Sanofi-Aventis on Monday announced the commencement of a tender offer through its wholly-owned subsidiary, River Acquisition, for all outstanding shares of common stock of Chattem for $93.50 per share, net to the seller in cash, without interest and less any required withholding taxes.
Sanofi-aventis first expressed interest in Chattem Dec. 20.
The tender offer is scheduled to expire at midnight, EST, on Feb. 8.
“The transaction is a significant milestone in sanofi-aventis' transformational strategy,” the French pharmaceutical company stated in a press release. “By strengthening its presence in the U.S. consumer healthcare market, which represents 25% of the current worldwide opportunity, sanofi-aventis is further securing its position as a global, integrated healthcare company and building a significant platform for future growth.”