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Onyx Rejects Amgen Offer of $120 Share, Looking for SuitorOnyx Rejects Amgen Offer of $120 Share, Looking for Suitor
By Dan Hart -
Jun 30, 2013 9:46 AM PT
Onyx Pharmaceuticals Inc. (ONXX), the maker of the cancer drug Nexavar, said today it rejected an unsolicited takeover bid of $120 a share it received from Amgen Inc. (AMGN), and that it’s contacting other potential acquirers. “We are actively exploring the potential to combine Onyx with another company,” Chief Executive Officer N. Anthony Coles said today in a statement. Onyx’s board said the offer “significantly undervalued” the company and its prospects, and “was not in the best interest” of Onyx or its shareholders. Based on 72.7 million shares outstanding as of May 3, the offer values Onyx at $8.73 billion. Ashleigh Koss, a spokeswoman for Amgen, said by telephone today that the company would not comment. The company’s disclosure comes after its shares rose as much as 28 percent in extended trading on June 28 after a report that Amgen may offer to buy the company. Onyx said today its rejection was communicated to Amgen that day. Onyx said it won’t put out any further information on the Amgen bid or the process by which it will evaluate other proposals. |
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Msg # | Subject | Author | Recs | Date Posted |
278 | Re: Onyx Rejects Amgen Offer of $120 Share, Looking for Suitor | MineMan | 0 | 7/1/2013 9:58:42 AM |