What knight?

Wall Street guessed wrong: Astellas grabs OSI for only $4B

By Stacy Lawrence Senior Writer

OSI Pharmaceuticals Inc. (NASDAQ:OSIP) isn't talking about what happened during its search for buyers, but it looks like the White Knight investors hoped for never showed. Almost two months after it rejected a publicly announced hostile bid from Astellas Pharma Inc. (Tokyo:4503), OSI's board agreed last week to an acquisition at $57.50 per share, not much better than the price Astellas proposed in private more than a year ago.

When Astellas privately approached OSI in February 2009, it proposed a takeout at $55-$57. OSI's board rejected

Read the full 896 word article

User Sign In

Article Purchase

This article may not be distributed to non-subscribers

PURCHASE THIS ARTICLE FOR LIMITED ONE-TIME DISTRIBUTION AND WEBSITE POSTING $995.00 USD

PURCHASE