ARTICLE | Company News

Cypress jumps as Ramius increases offer

December 11, 2010 12:18 AM UTC

Cypress Bioscience Inc. (NASDAQ:CYPB) gained $0.87 (21%) to $4.93 on Friday after Ramius LLC increased its offer to acquire the 90.1% of the musculoskeletal and neurology company it does not already own to $5.50 per share in cash from $4.25. The price values Cypress at about $212 million based on 38.6 million shares outstanding on Nov. 5. It is a 120% premium to the company's close of $2.50 on July 16, before Ramius announced its initial unsolicited offer of $4 per share. Cypress rejected the previous offers. ...