Eisai announces subsequent offer for MGI Pharma shares

By Lisa Kerner

Charlotte, N.C., Jan. 23 - Eisai Co., Ltd. said it has satisfied all of the conditions required in its tender offer for MGI Pharma, Inc., including the associated preferred share purchase rights, for $41 per share.

As of the offer's expiration at midnight ET on Jan. 22, 78,363,716 MGI shares had been tendered, including 18,933,563 shares tendered through notices of guaranteed delivery.

The total number of shares tendered represents more than 96.1% of the outstanding shares of MGI, according to a company news release.

All shares validly tendered on or prior to the deadline, excluding shares tendered through notices of guaranteed delivery, have been accepted for payment. Shares validly tendered in satisfaction of notices of guaranteed delivery will also be accepted for payment.

Eisai subsidiary Jaguar Acquisition Corp. announced a subsequent offering period of three business days for additional MGI shares at the same $41-per-share price.

The subsequent offer ends at midnight ET on Jan. 25, after which Eisai expects to promptly close the merger, the release stated.

As previously reported, Jaguar began its all-cash offer to purchase MGI's shares on Dec. 21. Eisai agreed to acquire MGI for some $3.9 billion.

MGI Pharma is a Bloomington, Minn., biopharmaceutical company.

Eisai is a research-based human health care company based in Tokyo.

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