Japan's Astellas Pharma says investors tendered around 87% of OSI Pharmaceuticals' (OSIP) shares, leaving Astellas 3% short of the stake it needs to complete the purchase. The company is opening a second offer period from June 4-7. (previously)
Japan's Astellas Pharma will buy OSI Pharmaceuticals (OSIP) for $4B in cash, ending a months-long battle between the two firms. The $57.50/share offer is a 55% premium to OSI's closing price before Astellas made its first offer, but is below OSI's recent $59.80 close. (PR) (previously: I, II, III, IV)
Japan's Astellas Pharma extends its tender offer for OSI Pharmaceuticals (OSIP) to April 23. The offer was set to expire today but so far only 37,858 OSI shares have been tendered for sale, or just 0.06% of OSI's outstanding shares.
OSI Pharmaceuticals (OSIP +0.9%) rejects Astellas Pharma's hostile $3.5B takeover bid and says it will look for other potential deals. OSI's board "has unanimously concluded that the offer does not fully reflect OSI's fundamental, intrinsic value." (PR)
Japan's Astellas Pharma says it will take a $52/share offer ($3.5B) to buy U.S. drugmaker OSI Pharmaceuticals (OSIP) directly to shareholders (.pdf) after an earlier bid was rebuffed by management. OSI says the offer - a 40% premium to Friday's close - "very significantly undervalues" the company. OSIP +47% premarket to $54.53.
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