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Astellas Announces Successful Completion of Initial Tender Offer for Shares of OSI and Announces Subsequent Offer Period

June 3, 2010 By Bio-Medicine.Org

TOKYO, June 3 /PRNewswire/ — Astellas Pharma Inc.
(TSE: 4503) announced today the completion of the initial tender
offer for all outstanding shares of common stock in OSI
Pharmaceuticals, Inc. (Nasdaq: OSIP).

The initial offer period expired at 12:00 midnight, New York City time, on June 2, 2010. Computershare Trust Company,
N.A., the depositary for the tender offer, has advised that a total
of 48,415,727 shares were validly tendered and not withdrawn prior
to the expiration of the initial offer period, representing
approximately 79% of OSI’s issued and outstanding shares. All
shares validly tendered and not withdrawn have been accepted for
payment. 5,014,478 additional shares were tendered subject to
guaranteed delivery procedures prior to the expiration of the
initial offer period.  The total number of shares validly
tendered, plus the shares tendered subject to guaranteed delivery
procedures, represents approximately 87% of OSI’s issued and
outstanding shares.  

Astellas also announced today that it would make available a
subsequent offer period commencing immediately and expiring at
12:00 midnight, New York City time
on June 7, 2010, unless extended.
 During the subsequent offer period, any shares validly
tendered will be immediately accepted for payment, and tendering
stockholders will promptly thereafter be paid $57.50 per share in cash, less any
withholding taxes and without interest, which is the same amount
per share that was offered and paid to OSI stockholders who
previously tendered into the initial offer.

The procedures for tendering shares during the subsequent offer
period are the same as during

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SOURCE

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