Depomed (DEPO) to Seek a Sale - Report
- Wall Street falls with financials, other post-election gainers
- United Airlines (UAL) Tops Q4 EPS by 5c
- Obama shortens sentence of Manning, who gave secrets to WikiLeaks
- After-Hours Stock Movers 01/17: (SHLO) Higher; (GIMO) (AFAM) (CSX) Lower (more...)
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Depomed (Nasdaq: DEPO) is up sharply in pre-open trade (+12.9%) following reports from Reuters the company is preparing to sell itself amid pressure from activist investor Starboard Value LP.
Negotiations with potential buyers are expected to start after the company receives a court decision clarifying the patent exclusivity of Nucynta, which is expected by month end.
The company is working with Morgan Stanley, which last year helped the company rebuff a $3 billion unsolicited stock-for-stock offer from Horizon Pharma Plc (Nasdaq: HZNP).
A separate report from the New York Post said the company has already rebuffed an offer KKR-backed Arbor Pharmaceuticals.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Morgan Stanley Downgrades Equifax (EFX) to Equalweight
- BAT Reaches Deal to Acquire Reynolds American (RAI) for $49 Billion
- Toshiba considering spinning off semiconductor operations and selling a stake to Western Digital (WDC) - Nikkei