BRIDGEWATER, N.J.--(BUSINESS WIRE)--Alpharma Inc. (NYSE: ALO), a global specialty pharmaceutical company, today announced that its Board of Directors has adopted a limited duration shareholder rights plan (the “Rights Plan”). The Rights Plan has been adopted in response to King Pharmaceuticals, Inc.’s unsolicited offer to acquire all of the outstanding shares of Alpharma for $33.00 per share, which the Board has determined to be inadequate and not in the best interests of Alpharma shareholders. On August 27, 2008, Alpharma received notification from King Pharmaceuticals that it made a filing with the Federal Trade Commission stating that it intends to acquire a majority of Alpharma’s common stock and, correspondingly, seek clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
