ICN Pharmaceuticals Inc. extended -- for the third time -- an offer to buy the shares it doesn’t already own of its former subsidiary Ribapharm Inc. ICN is offering to pay $5.60 a share, or about $168 million, for what amounts to 19.9% of the company.
ICN said its latest offer would expire Friday at 2 p.m. The Ribapharm board maintains that the offer is inadequate and has adopted a “poison pill” defense.
Ribapharm shares fell 33 cents to $5.02 and ICN shares fell 59 cents to $15.17, both on the NYSE. Both companies are based in Costa Mesa.
-- Ronald D. White