Astellas makes $52/share cash offer for OSI Pharmaceuticals

After over a year of attempting to enter into a friendly arrangement, Astellas Pharma has made a hostile bid to acquire top public biotech firm OSI Pharmaceuticals for $3.03bn in cash, or $52 a share (a 42% premium). In a written response on February 22, 2010, to Astellas' most recent oral proposal, OSI said the offer significantly undervalues the company and it is asking shareholders not to take any action. Astellas has filed a lawsuit to prevent OSI from conducting any activities, such as a "poison pill" plan that would interfere with the tender offer.