Italy's Chiesi Farmaceutic has agreed to acquire Cornerstone Therapeutics (CRTX) for $9.50 a share, below the latter's Friday close of $9.74, which gave it a market cap of $261.43M.
However, the price represents a premium of 78% over Cornerstone's closing price of $5.35 on February 15, 2013, the last trading day prior to an initial offer from Chiesi. It's also 42% above the high end of that bid.
Cornerstone CEO and Chairman Craig Collard, who owns 6% of the company, will use his shares to vote for the deal.
Cornerstone's shares have been suspended but are about to resume trading. (PR)
|Sep. 16, 2013, 7:53 AM
Feb. 19, 2013, 5:35 PM
Cornerstone Therapeutics (CRTX) +20% AH to $6.55 after disclosing Italy's Chiesi Therapeutics, which already owns 65% of Cornerstone, delivered a letter yesterday offering to buy the rest of it for $6.40-$6.70/share in cash. (13D)