Ablynx rejects Novo's $2.8B acquisition proposal

Ablynx N.V. (Euronext:ABLX; NASDAQ:ABLX) gained €9.60 (45%) to €30.80 in Brussels and $12.71 (49%) to $38.62 in New York on Monday after making public news that its board rejected two unsolicited acquisition proposals from Novo Nordisk A/S (CSE:NOVOB; NYSE:NVO). Ablynx said in a statement the latest proposal "fundamentally undervalues" the company.

On Dec. 22, Novo proposed to acquire Ablynx for €30.50 per share, including a contingent value right (CVR) worth up to €2.50 per share. The price values Ablynx at €2.3 billion ($2.8 billion) based on 74.7 million outstanding shares. The first proposal, made on Dec. 7, was for €26.75 per share. ...