Astellas Phama Offers To Acquire CV Therapeutics (CVTX) For $16/Share
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Japanese drugmaker Astellas Phama has offered to acquire CV Therapeutics, Inc. (Nasdaq: CVTX) for $16 per share, which is a nice premium to yesterday's $11.35 per share closing. The offer represents a total equity value of $1.0 billion.
This proposal was previously submitted to the Board of Directors of CV Therapeutics in a letter dated November 14, 2008 and Astellas was informed on November 21, 2008 that the CV Therapeutics Board had rejected the proposal. CV Therapeutics has subsequently declined to engage Astellas in any meaningful discussions regarding a transaction.
Astellas said, "We are surprised that the CV Therapeutics Board has refused to engage us in meaningful discussions about our proposal; however, we remain committed to working cooperatively with CV Therapeutics to reach a mutually agreeable transaction should the Board reconsider our proposal and decide to engage us in discussions promptly."
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