French drugmaker Sanofi-Aventis on Tuesday announced to have completed its tender offer for shares of Chattem Inc., which makes Gold Bond skin products, Icy Hot pain relief packs, and Selsun Blue dandruff shampoo.
In addition the company reveals that approximately 18,611,072 shares of Chattem common stock were officially tendered and not withdrawn forming nearly 89.8% of the shares on a fully-diluted basis.
It offered to buy the Chattanooga, Tenn., company in December for $1.9 billion, or $93.50 per share. The remaining shareholders will receive the right to get $93.50 per share.
The deal is aimed to widen Sanofi-Aventis' U. S. health care business and land it into over-the-counter products for the first time in the country.
Chattem will become an indirect, wholly-owned subsidiary of Sanofi-Aventis.
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