Amgen, Onyx deal
Cancer company Onyx said its board rejected an unsolicited offer from Amgen, but said that the company is open to additional offers. Onyx said it rejected Amgen's bid of $120 per share in cash, or about $8.7 billion based on 72.7 million shares outstanding as of May 3, because the offer "significantly undervalues" the company and was not in the best interest of Onyx or its shareholders. However, Onyx said that based upon Amgen's offer and expressions of interest from other third parties, its board authorized financial advisor Centerview Partners to contact potential acquirers. Onyx said it does not plan on communicating further on the Amgen proposal or the process by which it will consider other proposals. Goodwin Proctor is the Onyx's legal advisor. Amgen declined to comment. ...