[The idea, in part, is that it offers some prudent diversification in oncology, from Keytruda's quite-hefty appeal.] Here's a bit:
. . . .[Merck opened] a cash tender offer to purchase all outstanding shares of common stock of ArQule, Inc. (Nasdaq: ARQL). On Dec. 9, 2019, Merck announced its intent to acquire ArQule.
Upon the successful closing of the tender offer, stockholders of ArQule will receive $20 in cash for each share of ArQule common stock validly tendered and not validly withdrawn in the offer, without interest and less any required withholding taxes. Following the purchase of shares in the tender offer, ArQule will become a wholly-owned subsidiary of Merck.
Merck will file today with the U.S. Securities and Exchange Commission (the “SEC”) a tender offer statement on Schedule TO, which provides the terms of the tender offer. Additionally, ArQule will file with the SEC a solicitation/recommendation statement on Schedule 14D-9 that includes the recommendation of the ArQule board of directors that their stockholders accept the tender offer and tender their shares.
The tender offer will expire at one minute past 11:59 pm Eastern Time on January 15, 2020, unless extended in accordance with the merger agreement and the applicable rules and regulations of the SEC. . . .
Oh. And the news more than doubled ArQule's stock price instantly. Okay -- now you know. . . Onward, with lots of arrivals. . . grinning; Handel's Messiah tonight.
नमस्ते
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