Astellas walks away from CV, after "white knight" Gilead stepped in with a $1.4B bid

Japanese drug major Astellas Pharma, which has been pursuing USA-based CV Therapeutics since last year, will not persist with its acquisition  plan, saying it will not increase its offer of $16 a share, or $1.1  billion, for the firm after it accepted a $20 per share (totaling $2.4  billion) bid from fellow US company Gilead Sciences (Marketletter  March  16).

CV's board of directors rejected the hostile advances of the Japanese  firm and, on March 12, revealed that it had entered into a sale  agreement of the company with Gilead, which had entered the scenario as  a "white knight" to rescue the group from the unwanted takeover.

Astellas also said it intends to withdraw a related law suit in the  Delaware Chancery Court against CV and its directors - seeking to oust  the board, saying it "is a disciplined acquirer and does not see value  for Astellas stockholders in CV Therapeutics at the price level of the  sale announced on March 12."