Sanofi-aventis on Tuesday announced it has successfully completed its tender offer for outstanding shares of Chattem Inc. as its acquisition of the Chattanooga company moves ahead.
About 18.6 million shares of Chattem common stock, including 2.8 million shares subject to guarantees of delivery, were validly tendered and not withdrawn, representing 89.8 percent of the shares.
All shares that were validly tendered have been accepted for purchase, and payment for the shares will be made promptly at the offer price of $93.50 per share, according to Sanofi-aventis.
It intends to effect a short-form merger under Tennessee law and Chattem will become an indirect, wholly owned subsidiary.