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EXHIBIT (a)(1)(J)
For Immediate Release
NEWS RELEASE
CONTACTS: Watson Pharmaceuticals, Inc.
Sara Swee
Director, Corporate Communications
(909) 270-1400
Morgen-Walke Associates, Inc.
Jim Byers, Danielle Scheg
FOR IMMEDIATE RELEASE (415) 296-7383
WATSON PHARMACEUTICALS, INC. ANNOUNCES EXPIRATION OF ITS TENDER OFFER
FOR SCHEIN PHARMACEUTICAL, INC.
CORONA, CA - July 5, 2000 - Watson Pharmaceuticals, Inc. (NYSE: WPI)
announced today that its tender offer for shares of common stock of Schein
Pharmaceutical, Inc. (NYSE: SHP), which commenced on June 6, 2000, expired at
12:00 Midnight, New York City time on Monday, July 3, 2000, and was not
extended. During the tender offer period, approximately 24,566,000 outstanding
Schein shares (representing approximately 74.4% of the total outstanding Schein
shares) were validly tendered and not withdrawn.
Watson Pharmaceuticals, Inc., headquartered in Corona, CA, is engaged in
the development, manufacture and sale of proprietary and off-patent
pharmaceutical products. Schein Pharmaceutical, Inc., headquartered in Florham
Park, NJ, is a pharmaceutical company that has a diverse portfolio of both brand
and generic products.
This press release contains certain statements of a forward-looking nature
relating to future events or future business performance. Any such statements
that refer to Watson's or Schein's estimated or anticipated future results,
product development efforts or performance or other non-historical facts are
forward-looking and reflect each company's current perspective of existing
trends and information. Such forward-looking statements involve risks and
uncertainties that cannot be predicted or quantified and, consequently, actual
results may differ materially from those expressed or implied by such
statements. Such risks and uncertainties include, among others, risks related to
the consummation of the proposed acquisition, risks associated with the
integration of the Watson and Schein businesses after consummation of the
proposed acquisition, and such other risks and uncertainties detailed in each
company's filings with the Securities and Exchange Commission.
This release and past press releases of Watson Pharmaceuticals, Inc. are
available at Watson's web site at http://www.watsonpharm.com. In addition,
Watson's press releases are available through PR Newswire's Company News On-Call
fax service at (800) 758-5804, extension 112856, and at
http://www.prnewswire.com.
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