Ares-Serono S.A. said Friday it is making a cash tender offer for all theoutstanding ordinary shares of InterPharm Laboratories Ltd., an Israelifirm that is 76 percent owned by Ares-Serono.Ares-Serono, of Geneva, Switzerland, is offering $22 per share _ a 76percent premium to Thursday's closing price of InterPharm(NASDAQ: IPLLF) _ or about $33 million for the 1.48 million sharesoutstanding. Ares-Serono owns about 4.76 million shares.The offer and withdrawal rights will expire June 6. The offer isconditioned upon Ares-Serono acquiring at least 75 percent of theshares it does not own. The deal manager for the offer is Bear, Stearns& Co. Inc. _ Jim Shrine

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