Regulators have signed off on Irvine-based Allergan Inc.’s $3.2 billion buy of Inamed Corp., but some Inamed shareholders are holding out.
Allergan said Monday that it extended its tender offer for Santa Barbara-based Inamed yet again after falling short of its goal of acquiring 90% of the shares of Inamed. The new expiration date is Friday.
So far, Inamed shareholders have tendered about 83% of the breast implant maker’s shares as of March 10,the previous expiration date for the deal.
Allergan said it needs to get 90% of Inamed in order to complete the acquisition under Delaware law.
Allergan has extended the expiration date of the deal several times since January as it awaited shareholder and regulatory approval.
But the Federal Trade Commission approved the deal last week after Allergan and Inamed agreed to sell Inamed’s rights to Reloxin, a potential competitor to Allergan’s bellwether Botox, back to Ipsen Ltd., an European drug maker.
