Depomed Board Urges Rejection of Horizon Pharma Offer
September 14, 2015.
It is reported today that Depomed's Board of Directors is "unanimously determined to recommend that shareholders reject Horizon Pharma's unsolicited exchange offer to acquire all of the outstanding shares of Depomed at an exchange ratio of 0.95 of an ordinary Horizon share".
Horizon's exchange offer "significantly undervalues Depomed, is inadequate and is not in the best interests of Depomed and its shareholders," said Jim Schoeneck, President and CEO of Depomed and Peter D. Staple, Depomed's Chairman of the Board. They added: "We remain very confident in the growth prospects of NUCYNTA and our strong portfolio of products for pain and neurology related disorders. We continue to believe that Horizon's exchange offer is opportunistic and would transfer the future value of Depomed to Horizon at a price we believe does not represent the value of Depomed's assets, business and prospects."
The factors behind the Depomed Board decision can be found in Depomed Schedule 14D-9 on its website www.depomed.com.
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