CPEX shareholders agree $27.25 a share merger with Footstar

USA-based specialty pharma company CPEX Pharmaceuticals (Nasdaq: CPEX) says that, , based on the vote count certified by the independent inspector of election its shareholders have approved the company’s proposed $76.6 million merger agreement with FCB I Holdings, which is majority owned by Footstar Corp, at the special meeting of stockholders held yesterday (The Pharma Letter January 5).

“We are pleased that CPEX stockholders have recognized the merits of this value-maximizing transaction, and we appreciate their support,” said James Murphy, chairman of CPEX. “We look forward to completing the transaction in the next few weeks,” he noted.

As previously announced, CPEX and FCB entered into a definitive merger agreement on January 4, 2011, under which FCB will acquire all of the outstanding common stock of CPEX for $27.25 per share in cash. The transaction price represents a 142% premium over the price of CPEX shares on January 7, 2010, the day prior to the date a third party publicly stated its intention to make an unsolicited offer for CPEX, and a premium of around 12% over the 60-trading day average closing price of CPEX’s shares on the date prior to the announcement of the merger with FCB.