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TPG affiliate buying Par Pharmaceutical for about $1.84 billion in cash
WOODCLIFF LAKE, N.J. (AP) ¯¯¯ The generic drugmaker Par Pharmaceutical Cos. Is being acquired for about $1.84 billion in cash by an affiliate of private investment firm TPG.
TPG will pay $50 per share, which is a 37 percent premium to Par's Friday closing price of $36.58. The companies put the total value of the deal at $1.9 billion.
Par's stock jumped $13.52, or 37 percent, to $50.10 in premarket trading on Monday.
Par says its board unanimously approved the buyout. It may seek out third-party proposals through Aug. 24.
The acquisition needs the approval of a majority of Par's outstanding stock.
If a superior proposal is not received, the transaction is expected to close before year's end.