Hisamitsu Pharmaceutical is planning to make it presence known in the US, and it's not going to do it quietly.
Hisamitsu, a Japanese based company, has agreed to buy Noven for $428 million($16.50 a share) and this is all cash.This is a premium price, 200% over Monday close of $13.48
Tuesday held steady for Noven with shares at mid-day holding at $16.46
"The proposed acquisition by Hisamitsu -- a company Noven has come to know, respect and trust over the course of several years -- provides substantial value to Noven shareholders, while positioning Noven as the U.S. growth platform of a global company with significant resources and a vision aligned with our own," said Noven CEO Peter Brandt in a press release.
While the market may move on rumors, this deal has been approved by both companies, and the next step is a 20-day tender beginning on July 28th.
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