Atea Pharmaceuticals' Board Unanimously Rejects Unsolicited Proposal From Tang Capital Partners' Affiliate, Concentra Biosciences
Portfolio Pulse from Benzinga Newsdesk
Atea Pharmaceuticals' Board unanimously rejected an unsolicited proposal from Tang Capital Partners' affiliate, Concentra Biosciences, to acquire all outstanding common shares of Atea for $5.75 per share in cash, plus a contingent value right. The Board believes the proposal undervalues the company.
May 30, 2023 | 11:11 am
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Atea Pharmaceuticals' Board rejected an unsolicited acquisition proposal from Concentra Biosciences, stating it undervalues the company.
Atea Pharmaceuticals' Board rejected the acquisition proposal, believing it undervalues the company. This decision may not have an immediate impact on the stock price, as the market may have already priced in the possibility of a rejected offer. However, it could lead to potential future offers or negotiations, which may impact the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100