ICN Pharmaceuticals Inc. has again extended its offer to buy drug-maker Ribapharm Inc. until 1 August 2003 and emphasized that shareholders should not expect its $168 million bid to be sweetened.
As of July 29, when the offer was set to expire, about 7.7 million Ribapharm shares were tendered for the offer of $5.60 a share and not withdrawn, ICN said.
ICN, based in Costa Mesa, California, said it intends to terminate the offer 1 August if not enough shares are tendered. ICN already owns 80 percent of Ribapharm, whose directors have urged shareholders to reject the bid, saying it is too low.