Cypress board rejects Ramius tender offer

Cypress Bioscience Inc. (NASDAQ:CYPB) said its board unanimously rejected an unsolicited tender offer from Ramius LLC to acquire the 90.1% of Cypress it does not already own for $4.25 per share in cash. Cypress also said it will explore strategic alternatives, including a sale of assets or a sale or strategic combination of the company. Cypress will proceed with its previously announced plans to sell or discontinue its diagnostics business by the end of 3Q10. ...