OSI Pharma Rejects $3.5 Billion Hostile Bid From Astellas Pharma (OSIP)
Symbols: OSIP
OSI Pharmaceuticals (NASDAQ: OSIP) announced today that its Board has unanimously rejected a hostile $3.5 billion bid for the company from Japanese pharmaceutical company Astellas Pharma Inc. The bid was in all cash and was received on March 2. At the time, the deal price was 40% above OSIP's market price. Since this time, OSI's stock has remained above the bid made by Astellas.
Robert Ingram, chairman of the Board of Directors of OSI, commented, "After carefully analyzing and considering Astellas' offer, the Board has unanimously concluded that the offer does not fully reflect OSI's fundamental, intrinsic value."
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