Allos rejects unsolicited offer, maintains AMAG merger plans
Allos Therapeutics Inc. (NASDAQ:ALTH) rejected an undisclosed company's offer to acquire Allos in a cash and stock deal that valued the cancer company at $2 per share, or about $211 million. The details were revealed in a joint SEC filing posted Wednesday by Allos and hematology company AMAG Therapeutics Inc. (NASDAQ:AMAG), which are merging in a stock deal expected to close next quarter.
The unsolicited offer, made on Sept. 2, is a 22% premium to Allos' close of $1.64 on that day. The offer is a 3% discount to Allos' close of $2.06 on July 19, before Allos and AMAG announced their merger. Allos' board said the offer "is not reasonably expected to result in an acquisition proposal that is more favorable from a financial point of view" to the AMAG merger. Allos said the suitor was a publicly traded pharmaceutical company with a market cap of less than $500 million. AMAG was off $0.20 to $13.94 on Wednesday. Allos was up $0.06 to $1.64 (see BioCentury Extra, July 20). ...