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Mylan and Horizon launch their hostile bids

This article was originally published in Scrip

Executive Summary

Horizon Pharma plc.'s hostile bid for Depomed, Inc got out of the blocks on Sep. 8 after weeks of wrangling with Depomed's board. It has now taken an exchange offer direct to the latter's shareholders, which will run until Nov. 6. The offer of 0.95 Horizon shares for each Depomed share equates to a takeover value of $1.7bn based on Horizon's share price of $29.72 on Nasdaq before markets opened on Sep. 9. Ireland-based Horizon continues to push for meetings for Depomed's shareholders to vote on its proposal to replace the current Depomed board with its own slate of directors and to amend bylaws. With stock market fluctuations the latest all-stock offer is now worth less than Horizon's previous offer, which had also included a portion in cash. Depomed, of Newark, California, advised its shareholders to take no action while it reviewed the offer.

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