Astellas suit aims to over-rule CV rejection

Japanese drug major Astellas has taken legal action to prevent CV  Therapeutics from opposing its $1.1-billion takeover, after it took the  offer directly to shareholders.

Astellas proceeded with the cash tender offer for all outstanding stock  of CV for $16 a share, that had previously been rejected (Marketletter  February 2), on February 27. The price represents a 41% premium on CV's  closing price on January 26.

CV responded later that day, advising shareholders that it was  consulting with its lawyers and to take no action on the offer until the  firm announced its formal position within ten business days.