NEW YORK (AP) -- King Pharmaceuticals Inc. said Friday that rival Alpharma Inc. has rejected a $1.4 billion buyout offer but indicated it is prepared to take the bid directly to shareholders in a move to expand its product offerings.The Bristol, Tenn.-based drugmaker disclosed the $33 a share offer publicly for the first time on Friday. It said the offer was rejected by Alpharma, following a letter to that company's board of directors on Aug. 4.
Representatives from Bridgewater, N.J.-based Alpharma could not be reached Friday.
The bid amounts to a 37 percent premium over the $24.04 closing price of Alpharma's common stock on Thursday, but represents a 49 percent premium based on the Aug. 4 timeline.
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