Amgen's $10B Onyx Buy Takes Training Wheels Off 251(h)

Law360, New York (August 27, 2013, 2:12 PM EDT) -- Amgen Inc. is using the new Delaware tender offer law for its $10.4 billion acquisition of Onyx Pharmaceuticals Inc., but seems more confident that there won't be any hiccups, foregoing fallbacks and safeguards used by others.

The $125-per-share deal struck Sunday takes advantage of 251(h), the new rule that allows buyers in tender offers to close as soon as they have a simple majority of shares, rather than claw their way to the 90 percent squeeze-out threshold.

Amgen is at least the third buyer to invoke...
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