ARTICLE | Company News

Biogen Idec increases Facet offer

December 4, 2009 1:28 AM UTC

Biogen Idec Inc. (NASDAQ:BIIB) raised its tender offer for partner Facet Biotech Corp. (NASDAQ:FACT) by $3 per share to $17.50 per share in cash, or a total of about $449.9 million. The new offer is a 98% premium to Facet's close of $8.82 on Sept. 3, the day before the original $14.50 per share offer was announced. The tender offer, which started in September, expires on Dec. 16. In a statement, Facet's board recommended that shareholders take no action at this time, but said it would review the revised offer. Facet had rejected the original offer. ...