King Pharmaceuticals proposed an all-cash acquisition of Alpharma Inc. for $33 a share.

The proposed purchase price represents a premium of 37% over Alpharma (nyse: ALO – news – people )'s Thursday closing price of $24.04 and implies a total equity value of $1.4 billion for the company. King first proposed the buyout on Aug. 4, when it was refused by Alpharma's board.