Amgen Closes Onyx Pharma Tender Offer - Quick Facts

(RTTNews) - Amgen (AMGN) reported the completion of its prior announced tender offer to buy Onyx Pharmaceuticals, Inc.'s (ONXX) outstanding shares for $125 per share cash. As already announced, the purchase price is $9.7 billion net of estimated Onyx cash. The tender offer expired at 12:00 midnight New York City time on Oct. 1, 2013. Amgen plans to complete the acquisition of Onyx later today via. a merger under Section 251(h) of the General Corporation Law of the State of Delaware.

As of the expiration of the tender offer, about 57.7 million shares were validly tendered and not withdrawn in the tender offer, representing nearly 78.5 percent of Onyx's outstanding shares, according to the depositary for the tender offer. The the tender offer's condition that a majority of Onyx's outstanding shares on a fully-diluted basis be validly tendered and not withdrawn has been satisfied. Therefore, Amgen has accepted for payment and would promptly pay for all validly tendered shares.

According to Amgen, all the remaining eligible Onyx shares would be converted to the right to receive $125 per share cash, without interest and less any applicable withholding taxes, the same price that was paid in the tender offer. Upon the merger completion, Onyx shares would stop trading on the NASDAQ Global Market, which may take effect later today.