Cypress rebuffs new offer by Ramius

Cypress Bioscience Inc. (NASDASQ:CYPB) added $0.96 (20%) to $5.75 on Tuesday after rejecting a $6 per share cash offer by Ramius LLC to acquire the 90.1% of the musculoskeletal and neurology company it does not already own. Last Friday, Ramius offered to acquire Cypress for $5.50 per share in cash, provided Cypress and Ramius entered into exclusive negotiations. According to Ramius, Cypress said it is pursuing an alternative transaction with a third party. ...