(Reuters) – Vanda (NASDAQ:) Prescription drugs stated on Wednesday it had rejected a takeover bid from Britain’s Cycle Pharmaceutical and a revised provide from contract producer Future Pak, including that each gives undervalued the U.S. drugmaker.
That is the third time Vanda has rejected Future Pak’s acquisition provide. After receiving Future Pak’s preliminary takeover bid in April, Wanda adopted a shareholder rights plan generally known as a “poison capsule” to cut back the potential of a hostile takeover.
The scheme is designed to forestall any entity from buying greater than 10% of the shares with out board approval.
Final week, Future Pak elevated the money part of its takeover bid as a part of a last-ditch try to accumulate Vanda. It raised that portion to $8.50-$9.00 per share, whereas the beforehand proposed contingent worth rights had been about $4.27 per share.
Cycle Pharma’s $8 per share money takeover provide, which started earlier this month, values ​​Vanda at $466 million.
Wanda’s board rejected each gives on Wednesday, saying “each considerably undervalued Wanda and weren’t in the very best pursuits of the corporate and its shareholders.”
