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OSI Pharma Rejects Astellas' Unsolicited Tender Offer - Quick Facts

3/15/2010 8:40 AM ET

OSI Pharmaceuticals Inc. (OSIP: Quote) announced that its board has unanimously rejected the unsolicited, conditional tender offer from Astellas US Holding Inc., a wholly-owned subsidiary of Astellas Pharma Inc. (ALPMF.PK,ALPMY.PK), to acquire all outstanding shares of OSI common stock for $52.00 per share in cash. The OSI Board unanimously recommends that OSI stockholders reject the offer and not tender their shares into the offer.

OSI Pharmaceuticals noted that the Offer Substantially undervalues OSI Relative to its Fundamental, intrinsic Value, the Offer is Financially Inadequate, and the offer values OSI at a price below current trading levels.

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by RTT Staff Writer

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