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Cypress rejects Ramius offer again

August 18, 2010 12:10 AM UTC

The board of Cypress Bioscience Inc. (NASDAQ:CYPB) rejected an unsolicited offer for the second time from Ramius LLC after the shareholder clarified the details of its proposal in a letter last week. Ramius proposed to acquire the 90.1% of Cypress it does not already own for $4 per share plus a potential 50% interest in schizophrenia candidate CYP-1020, which Ramius said would value its offer at $4.39 per share. Ramius also said it would consider raising the value of its proposal if it is granted limited due diligence and if Cypress "agrees to negotiate in good faith." ...