26.10.2017 14:50:56

PDL BioPharma makes unsolicited bid to buy Neos Therapeutics for a 40% premium

PDL BioPharma Inc. announced Thursday an unsolicited proposal to buy Neos Therapeutics Inc. in a cash deal that would value Neos at about $288 million. PDL said it would pay $10.25 for each Neos share outstanding, which is 40.4% above Wednesday's closing price of $7.30. PDL said it first approached Neos about a potential acquisition in June, and made a formal proposal on June 23 for $10.25 a share, which Neos's board rejected. PDL said its proposal will remain outstanding for 14 days. With 28.08 million shares outstanding, a $10.25 bid would suggest a market capitalization of $287.8 million. Neos's stock was up 9.6% in premarket trade prior to a trading halt. It has climbed 25% year to date through Wednesday, while PDL shares have run up 51%, the iShares Nasdaq Biotechnology ETF has rallied 21% and the S&P 500 has gained 14%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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