News Headlines Article

Fast-growing East Bay drug maker stares down hostile $3 billion bid
San Francisco Business Times

Depomed Inc. stock closed the week 46 percent higher — hitting a new all-time high — thanks to an unsolicited $3 billion takeover bid from Horizon Pharma PLC. The hostile takeover came to light earlier in the week, when Horizon said Newark-based Depomed rejected two similar but quiet overtures. Depomed also rejected this third attempt as well, saying the $29.25-per-share stock offer by Ireland’s Horizon undervalues Depomed (NASDAQ: DEPO).