Cypress rejects Ramius offer

The board of Cypress Bioscience Inc. (NASDAQ:CYPB) rejected an unsolicited offer from Ramius LLC to acquire the 90.1% of Cypress it does not already own for $4 per share. The board said the offer undervalues Cypress and is not in the best interest of shareholders. The offer values Cypress at about $153.5 million based on 38.4 million shares outstanding at May 5 and is a 60% premium to the company's close of $2.50 on July 16, before the offer was announced. Jefferies and Perella Weinberg Partners are advising Cypress. Cypress was up $0.07 to $3.66 on Friday. ...