Amgen's preemptive strike

Amgen opening bid may have dissuaded competing offers for Onyx

Buysiders say Amgen Inc.'s aggressive opening offer for Onyx Pharmaceuticals Inc. may have dissuaded other would-be suitors from entering into a bidding war.

On Aug. 25 the companies agreed to a purchase price of $125 per share in cash, or about $10.4 billion.

The price is a 7% premium to Onyx's close of $116.96 on Aug. 23, the last trading day prior to the announcement, and a 44% premium to Onyx's close of $86.82 on June 28, before rumors surfaced that Amgen was considering an offer.

The final price is just $5 above Amgen's initial offer of $120 per share, which Onyx's board rejected in July. The takeout price also is less than the $130

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