Cypress Bioscience, Ramius LLC deal

Cypress shareholder Ramius began an unsolicited tender offer to acquire the 90.1% of Cypress it does not already own for $4.25 per share in cash. The offer values Cypress at about $164 million based on 38.6 million shares outstanding at Aug. 5. It is a 70% premium to the company's close of $2.50 on July 16, before Ramius announced its initial unsolicited offer of $4 per share, which Cypress rejected. The tender offer expires on Oct. 13.

Cypress' board advised shareholders to take no action at this time but said it would issue a formal position on the offer within 10 business days of the Sept. 15 offer. ...