A NEW JERSEY BASED PHARMACEUTICAL RIVAL HAS REJECTED A TAKEOVER OFFER BY KING PHARMACEUTICALS OF BRISTOL TENNESSEE. THE CHAIRMAN OF ALPHARMA’S BOARD OF DIRECTORS PETER TOMBROS TOLD SHAREHOLDERS THEY SHOULD REJECT KING’S OFFER TO BUY THEIR STOCK FOR 37 DOLLARS PER SHARE AND TRY TO GET A BETTER DEAL FROM A THIRD PARTY. ALPHARMA’S STOCK PRICE HAS RISEN MORE THAN 50 PERCENT SINCE AUGUST 21ST WHEN KING MADE ITS FIRST OFFER. THERE’S NO WORD YET AS TO WHETHER KING WILL RESPOND WITH ANOTHER OFFER.