By Josh Beckerman
Vanda Pharmaceuticals rejected a second acquisition proposal from Cycle Group Holdings, saying terms are economically identical to a previously rejected indication of interest and that it substantially undervalues Vanda.
"The board concluded that the latest proposal from Cycle Group is another opportunistic attempt to purchase the company's shares at a discount to Vanda's intrinsic value," Vanda said.
Vanda shares were higher after Cycle reaffirmed its $8-a-share proposal. The stock was recently up 11% to $4.94. Cycle alleges that actions such as Vanda's bylaw changes have disenfranchised stockholders.
In June, Vanda rejected proposals from Cycle and Future Pak.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
October 14, 2024 12:54 ET (16:54 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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