OSI board rejects Astellas offer

OSI Pharmaceuticals Inc. (NASDAQ:OSIP) said its board unanimously rejected an unsolicited tender offer from Astellas Pharma Inc. (Tokyo:4503) to acquire OSI for $52 per share, or about $3.5 billion. OSI's board also instructed management to contact third parties to explore the availability of a transaction that "reflects the full intrinsic value" of OSI. Astellas said in a statement that it will proceed with its offer, which began on March 8 (See BioCentury, March 08, 2010). ...