Endo International plc (ENDP) said Wednesday that the Hart-Scott-Rodino waiting period for the BioSpecifics Technologies Corp. (BSTC) tender offer has expired.
Endo announced the expiration of the required waiting period in connection with the previously announced tender offer by Beta Acquisition Corp., a wholly-owned indirect subsidiary of Endo, to acquire all of the outstanding shares of BioSpecifics common stock at a price of $88.50 per share.
The tender offer, which commenced on November 2, 2020, is being made pursuant to the previously announced agreement and plan of merger, dated October 19, 2020, by Endo, Beta Acquisition and BioSpecifics.
With the expiration of the waiting period under the HSR Act, Endo expects the transaction to close in early December 2020, subject to the satisfaction of all remaining closing conditions set forth in the merger agreement.
Unless extended or earlier terminated, the offer is scheduled to expire at midnight on December 1, 2020, which is the 20th business day following the commencement of the offer.
Following the completion of the offer, Endo expects to consummate a merger of Beta Acquisition with and into BioSpecifics as soon as practicable. The shares that have not been tendered in the offer will be acquired by End,o and cancelled and converted into the right to receive the offer price.
The BioSpecifics board of directors has recommended that the company’s stockholders tender their shares pursuant to the offer.
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