NEW YORK (AP) -- Drug developer Alpharma said Monday it has agreed to share confidential financial information with King Pharmaceuticals, more than a week after rejecting a hostile takeover by King.
Alpharma said in a regulatory filing that the agreement is no guarantee there will be any transaction. The companies agreed on the confidentiality pact last Tuesday, according to a filing with the Securities and Exchange Commission.
Last month Bridgewater, N.J.-based Alpharma rejected a $37 per share, or $1.6 billion hostile bid from King, which is based in Bristol, Tenn. That offer sweetened an earlier bid of $33 per share, or $1.4 billion, which was also rejected.
Alpharma's management noted the company had already received offers better than $37 per share and invited King to participate in the auction process. King, in a prepared statement, said its offer is the only one outstanding.
Shares of King Pharmaceuticals fell 44 cents, or 4.9 percent, Monday to $8.50 in morning trading. Shares of Alpharma fell $1.30, or 3.7 percent, to $33.56.