Depomed rejects Horizon Pharma's offer for the third time
Thursday, August 20, 2015
Depomed Inc rejected Horizon Pharma Plc's (HZNP.O) takeover bid for the third time, reiterating that the offer undervalued the company.
Depomed said Horizon Pharma's latest all-stock bid had a current value of $30 per share, or about $1.81 billion, lower than Horizon's previous offer of $33.
Horizon Pharma said last Thursday it would offer 0.95 Horizon Pharma shares for every Depomed share. It had also said it could alternatively offer Depomed shareholders $32.50 in cash and stock.
Horizon Pharma first approached Depomed in May and went hostile with its offer in July after being rejected. Depomed adopted a poison pill to stave off the bid.
Up to Wednesday's close of $31.27, Horizon Pharma's stock had fallen about 4 percent since its initial offer on May 27th.
reuters.com
