By Lisa Kerner
Charlotte, N.C., Dec. 10 - Eisai Co., Ltd. agreed to acquire MGI Pharma, Inc. for $41 per share in an all-cash transaction valued at about $3.9 billion.
The acquisition is expected to occur by means of a tender offer by Eisai subsidiary Jaguar Acquisition Corp. followed by a cash merger, according to a schedule TO filing with the Securities and Exchange Commission.
The boards of directors of both companies approved the deal, with the merger slated to close in the first quarter of 2008.
MGI Pharma said the merger represents the successful completion of the company's strategic review process.
Eisai was advised by JPMorgan and Sullivan & Cromwell LLP. Lehman Brothers, Inc. advised MGI Pharma in its review of strategic alternatives.
MGI Pharma is a Bloomington, Minn., biopharmaceutical company.
Eisai is a research-based human health care company based in Tokyo.
| Acquirer: | Eisai Co., Ltd.
|
| Target: | MGI Pharma, Inc.
|
| Announcement date: | Dec. 10
|
| Transaction total: | $3.9 billion
|
| Price per share: | $41.00
|
| Expected closing: | First quarter of 2008
|
| Stock price of target: | Nasdaq: MOGN: $33.45 on Dec. 7
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