Alpharma inc. (NYSE: ALO) isn’t exactly your run of the mill “most active” stock, but it is this morning. King Pharmaceuticals (NYSE: KG) has offered to buy the drug company in a $1.4 Billion buyout valuing the company at $33.00 in cash per share. Shares are already up over that level at $34.20 after ten minutes of trading and we’ve already seen 6 million shares trade hands. Investors believe more of a premium may come down the road as has been the case elsewhere. Before this offer, its 52-week trading range was $17.55 to $28.67. This is essentially a 5-year high so that old level of $60+ that was seen briefly in 2000 might not hold much water in today’s drug and pharma environment.
August 22, 2008
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