ARTICLE | Company News

Cypress Bioscience, Ramius LLC deal

July 26, 2010 7:00 AM UTC

Ramius LLC proposed to acquire the 90.1% of Cypress it does not already own for $4 per share in cash. The price 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. Ramius said its offer "provides shareholders with a better alternative to the company's current plan of pursuing highly-speculative acquisitions that could continue to destroy significant shareholder value." Cypress said its board would review the proposal and advised shareholders to take no action at this time. ...