Vanda Pharmaceuticals Confirms Receipt Of Unsolicited $8.00 Per Share Acquisition Proposal From Cycle Group, Board Declares It Not In Best Interests Of Company Or Stockholders
Portfolio Pulse from Benzinga Newsdesk
Vanda Pharmaceuticals has rejected a second unsolicited acquisition proposal from Cycle Group, valuing the company at $8.00 per share. The board believes the offer undervalues Vanda and is not in the best interests of shareholders.
October 14, 2024 | 2:58 pm
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Vanda Pharmaceuticals received and rejected a second acquisition proposal from Cycle Group at $8.00 per share, citing undervaluation and confidence in long-term growth.
The rejection of the acquisition proposal suggests that Vanda's board believes the company's intrinsic value is higher than the offer. This decision may maintain current stock prices as it reflects confidence in the company's future growth and value creation. However, the lack of a premium offer might not lead to immediate upward price movement.
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