Abbott's Acquisition of Kos Pharmaceuticals, Inc. Clears Antitrust Review
04 Dezember 2006 - 9:36PM
PR Newswire (US)
ABBOTT PARK, Ill., Dec. 4 /PRNewswire-FirstCall/ -- Abbott
(NYSE:ABT) announced today that the Federal Trade Commission has
granted early termination of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 applicable to
Abbott's offer to purchase all of the outstanding shares of common
stock of Kos Pharmaceuticals, Inc. (NASDAQ:KOSP). The FTC's action
satisfies one of the conditions necessary for the consummation of
the pending acquisition. The tender offer is scheduled to expire at
12:00 midnight, New York City time, on Tuesday, Dec. 12, 2006,
unless the tender offer is extended. Consummation of the tender
offer remains subject to other customary closing conditions,
including satisfaction of the minimum tender condition under the
Agreement and Plan of Merger entered into by Abbott and Kos on Nov.
5, 2006. As previously announced, Abbott commenced a tender offer
on Nov. 14, 2006 for all of the outstanding shares of Kos common
stock for $78.00 per share in cash. About Abbott Abbott is a
global, broad-based health care company devoted to the discovery,
development, manufacture and marketing of pharmaceuticals and
medical products, including nutritionals, devices and diagnostics.
The company employs 65,000 people and markets its products in more
than 130 countries. Abbott's news releases and other information
are available on the company's Web site at http://www.abbott.com/ .
Additional Information This press release is neither an offer to
purchase nor a solicitation of an offer to sell securities. The
tender offer is being made pursuant to a tender offer statement and
related materials. Kos shareholders are advised to read the tender
offer statement and related materials filed by Abbott with the U.S.
Securities and Exchange Commission (the "SEC"). The tender offer
statement (including an offer to purchase, letter of transmittal
and related tender offer documents) and the solicitation/
recommendation statement filed by Kos with the SEC contain
important information which should be read carefully before any
decision is made with respect to the offer. These documents are
available at no charge at the SEC's Web site at http://www.sec.gov/
. The tender offer statement and related materials may be obtained
for free by directing a request by mail to Georgeson Inc., 17 State
Street, 10th Floor, New York, NY 10004, or by calling toll-free
(800) 223-2064, and may also be obtained from Abbott by directing a
request by mail to Abbott Laboratories, 100 Abbott Park Road,
Abbott Park, IL 60064-6048, Attn: Investor Relations, Telephone:
(847) 938-5632. A Caution Concerning Forward-Looking Statements
Some statements in this news release may be forward-looking
statements. Abbott cautions that these forward-looking statements
are subject to risks and uncertainties that may cause actual
results to differ materially from those indicated in the
forward-looking statements including: the tender offer may not be
completed or the merger may not be consummated for reasons
including because conditions precedent to the completion of the
acquisition may not be satisfied. Economic, competitive,
governmental, technological and other factors that may affect
Abbott's operations are discussed in Item 1A, "Risk Factors," and
Exhibit 99.1 to our Annual Report on Securities and Exchange
Commission Form 10-K for the year ended Dec. 31, 2005 and in Item
1A, "Risk Factors," to our Quarterly Report on Securities and
Exchange Commission Form 10-Q for the period ended March 31, 2006,
and are incorporated by reference. Abbott undertakes no obligation
to release publicly any revisions to forward-looking statements as
the result of subsequent events or developments, other than as
required by law. DATASOURCE: Abbott CONTACT: Media, Jonathon
Hamilton, +1-847-935-8646, or Financial, Investor Relations,
+1-847-935-8908, all of Abbott Web site: http://www.abbott.com/
Company News On-Call: http://www.prnewswire.com/comp/110328.html
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