Depomed once again rejects Horizon's revised offer
Depomed (Nasdaq: DEPO) has yet again put down the latest takeover offer from Ireland-incorporated Horizon Pharma (Nasdaq: HZNP), as the hostile bid heats up.
The tussle between the two companies has been an ongoing feature in the merger and acquisitions market.
US-based Depomed said the all-stock proposal has a current value below $30 per share, which is less than the previous $33-per-share proposal from Horizon. It represents ownership in the combined company of less than 29%, which Depomed said is well below what it would contribute to the combined entity.
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