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.