All this talk by Astellas (OTCPK:ALPMF) about taking over the board of directors and taking the decision to the shareholders seems it may have been in vain. Gilead (NASDAQ:GILD) has agreed to acquire CV Therapeutics (CVTX) for $1.4B or $20/share through a tender offer and second step merger. - a $400M bump to the last Astellas offer of $16/share.
- The closing of the tender offer is subject to various conditions, including the tender of at least a majority of the outstanding shares of CV Therapeutics common stock in the tender offer and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
- The transaction is not conditional on financing. Gilead intends to finance the transaction through available cash on hand.
- The tender offer is expected to close during the second quarter of 2009.
- Following completion of the tender offer, Gilead will acquire all remaining shares of CV Therapeutics through a second step merger at a price of $20.00 per share.