After several rejected offers, Japanese Pharmaceutical company, Astellas Pharma Inc., will bring a $3.5 billion takeover bid for OSI Pharmaceuticals directly to its shareholders.
The company has plans to develop an offer as early as Tuesday that would pay $52 in cash per share in cash to acquire OSI’s outstanding common shares. The bid is more than 40 percent higher than closing share prices for the Melville, N.Y. based company on Friday.
In Monday trading, it was a different story; however, with shares of OSI $19.23, or 51.9 percent, to end the day at $56.25. Earlier in the day OSI shares reached a year high of $57.
OSI told shareholder not to respond to the offer for the time being. Astella though will likely not wait quietly as they Japanese company has stated that they will resort to all means necessary to acquire the company. Astella believes the combined efforts of the companies could help them become among the leaders in oncology. OSI concentrated on oncology, obesity treatments and diabetes.
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