Mylan and Horizon launch their hostile bids
This article was originally published in Scrip
Horizon Pharma plc.'s hostile bid for Depomed, Inc got out of the blocks on Sep. 8 after weeks of wrangling with Depomed's board. It has now taken an exchange offer direct to the latter's shareholders, which will run until Nov. 6. The offer of 0.95 Horizon shares for each Depomed share equates to a takeover value of $1.7bn based on Horizon's share price of $29.72 on Nasdaq before markets opened on Sep. 9. Ireland-based Horizon continues to push for meetings for Depomed's shareholders to vote on its proposal to replace the current Depomed board with its own slate of directors and to amend bylaws. With stock market fluctuations the latest all-stock offer is now worth less than Horizon's previous offer, which had also included a portion in cash. Depomed, of Newark, California, advised its shareholders to take no action while it reviewed the offer.
You may also be interested in...
BioNTech extends Pfizer partnership to cover COVID-19 vaccine development and distribution while Fosun Pharma takes Chinese rights.
Dietmar Hopp, 80% shareholder of German mRNA company CureVac, has rejected the possibility that the company would sign an exclusive deal with the US for its investigational coronavirus vaccine.
Infographic: Scrip homes in on key figures for companies integrating major acquisitions or divesting significant parts of their business.