Equity traders were fuming after AbbVie Inc., maker of the world’s biggest-selling medicine, Humira, announced the wrong price in a Dutch auction tender for about $7.5 billion of its own stock.
The North Chicago, Illinois-based pharmaceutical giant last night corrected the price it will pay for shares tendered in the buyback offer to $103 apiece, from $105 announced earlier in the day. AbbVie said some stock was “erroneously omitted from the initial preliminary results” in calculations by a third-party depositary.
What’s infuriating traders is that AbbVie rose the most in a month during Wednesday’s session -- before the mistake was ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.