Scrip is part of the Business Intelligence Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call +44 (0) 20 3377 3183

Printed By

UsernamePublicRestriction
UsernamePublicRestriction

Mylan and Horizon launch their hostile bids

This article was originally published in Scrip

Executive Summary

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.

Advertisement

Topics

Related Companies

Related Deals

Advertisement
UsernamePublicRestriction

Register

SC029709

Ask The Analyst

Please Note: You can also Click below Link for Ask the Analyst
Ask The Analyst

All set! This Question has been sent to my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts

Cancel