30.10.2017 12:48:22

Neos Therapeutics' stock falls after rejecting PDL BioPharma's buyout bid

Shares of Neos Therapeutics Inc. sank 3.5% in premarket trade Monday, after the company said it rejected PDL BioPharma Inc.'s unsolicited buyout bid. The drug maker said PDL's proposal to buy Neos for $10.25 a share, which was made public last week, was identical to the proposal made in June, July and September that have been rejected. "After a comprehensive review, conducted in consultation with its financial and legal advisors, the Neos board affirmed its previous determinations that PDL's proposal undervalues Neos, does not reflect Neos' strategic value and future prospects for continued growth and value creation, and is not in the best interests of the company or Neos shareholders," Neos said in a statement. Neos' stock had soared 72% year to date through Friday, while PDL shares had run up 44% and the S&P 500 had gained 15%.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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