26.10.2017 16:33:55

Neos Therapeutics' stock rockets after buyout bid, says it will respond in 'due course'

Shares of Neos Therapeutics Inc. rocketed 42% in morning trade Thursday, after the pharmaceutical company confirmed the receipt of an unsolicited buyout bid by PDL BioPharma Inc. for $10.25 a share, and said it will respond to the bid "in due course." The per-share bid was 40% above Neos's stock's Wednesday closing price of $7.30. Neos said after initially receiving PDL's buyout proposal for $10.25 a share on July 23, Neos said its board of directors had unanimously rejected the proposal, after determining the bid substantially undervalued the company, as it did not reflect the company's strategic value and future prospects. The company said it believes it is well positioned to continue to successfully execute its strategy to drive additional value creation in the near and long term. The stock has now run up 81% year to date, while PDL shares have climbed 42% 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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