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news.Astellas Pharma, a Japan-based company engaged in the manufacture and sale of pharmaceuticals and related products, has announced that its indirect subsidiary, Sturgeon Acquisition, has commenced a cash tender offer for all outstanding shares of common stock of CV Therapeutics at a price of $16 per share.
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The Astellas tender offer represents a 41% premium to CV Therapeutics’s closing share price on January 26, 2009, the day prior to the public disclosure of Astellas’s proposal, and a 69% premium to CV Therapeutics’s 60-day average closing price ending January 26, 2009.
The tender offer is not conditioned on financing and represents a total equity value of approximately $1.1 billion. The offer and withdrawal rights are scheduled to expire on March 27, 2009, unless the offer is extended.