Sanofi-aventis announced that the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976 (the "HSR Act") has expired in connection with its tender offer for all outstanding shares of Chattem, Inc. for $93.50 per share, net to the seller in cash, without interest and less any required withholding taxes.
This tender offer is scheduled to expire at 12:00 midnight, New York City time, on February 8, 2010, unless the tender offer is extended. Expiration of the waiting period under the HSR Act satisfies one of the conditions of the tender offer. The tender offer remains subject to the other conditions described in the Offer to Purchase that was filed with the US Securities and Exchange Commission on January 11, 2010.
The transaction is a significant milestone in sanofi-aventis’ transformational strategy. By strengthening its presence in the US consumer healthcare market, which represents 25 per cent of the current worldwide opportunity, sanofi-aventis is further securing its position as a global, integrated healthcare company and building a significant platform for future growth.