Astellas to Launch $1.1 bil. Hostile Bid for U.S. Firm CV Therapeutics

Fri, 02/27/2009 - 4:00am
Astellas Pharma Inc. said Friday it will launch a $1.1 billion hostile tender offer for CV Therapeutics Inc. to acquire the U.S. bio-venture firm after the latter rejected the Japanese drug maker's buyout proposal. Astellas said it will pay $16 per share for the California-based CV Therapeutics -- the same offering price made in the proposal rejected by CV Therapeutics a week ago -- during a 20-business-day tender offer beginning Friday Eastern time in the United States. The announcement marks a rare attempt by a Japanese company to acquire an overseas firm through a hostile tender offer.

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