ARTICLE | Company News

Cypress Bioscience, Ramius LLC deal

December 13, 2010 8:00 AM UTC

Ramius increased its unsolicited offer to acquire the 90.1% of Cypress it does not already own to $5.50 per share in cash from $4.25. The price values Cypress at about $212 million based on 38.6 million shares outstanding on Nov. 5. It is a 120% premium to the company's close of $2.50 on July 16, before Ramius announced its initial unsolicited offer of $4 per share. Cypress rejected both previous offers (see BioCentury, July 26). ...