Vanda Pharmaceuticals (VNDA) shares rose 11% in recent Monday trading after the company rejected a second unsolicited buyout proposal from Cycle Pharmaceuticals for $8 a share.
The offer, received on Sept. 23, is "economically identical to the previously evaluated and rejected indication of interest," and "is another opportunistic attempt to purchase the company's shares at a discount to Vanda's intrinsic value," the company said Monday in a statement.
Cycle Group said Monday in a statement its proposal represents an 80% premium to Vanda's share price at the close of business Friday, compared to a 58% premium on June 5.
Price: 4.9450, Change: +0.5050, Percent Change: +11.3739
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.