Vivus board remains neutral toward Icahn 4.5% convertible tender offer

By Tali Rackner

Norfolk, Va., Sept. 22 – Vivus Inc. announced that its board of directors expresses no opinion and remains neutral toward the unsolicited tender offer by Icahn Enterprises Holdings LP to purchase any and all of Vivus' 4.5% convertible senior notes due 2020, according to a press release.

Icahn is making the offer through subsidiary IEH Biopharma LLC.

The company said the board believes each noteholder should make his or her own decision as to whether to tender in connection with Icahn’s unsolicited tender offer based on the noteholder's particular circumstances and strongly urges holders to consider carefully all aspects of the offer before making their decision.

As previously reported, Icahn is offering $680 per $1,000 principal amount of the notes plus accrued interest up to but excluding the settlement date, according to a news release.

The offer ends at 5 p.m. ET on Oct. 7.

Under the terms of the offer, Icahn will not be obliged to buy any notes unless at least a majority is tendered.

D.F. King & Co., Inc. (800 515-4507, banks and brokers call 212 269-5550) is information agent, and Continental Stock Transfer & Trust Co. (917 262-2378) is depositary.

Vivus is a Mountain View, Calif.-based pharmaceutical company focused on treatments for obesity and sexual dysfunction. Icahn Enterprises is a New York-based investment holding company.

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