Facet Biotech Stockholders reject Biogen Idec tender offer, so deal over

USA-based Biogen Idec's fight to gain control of Facet Biotech came to an end last night, when the latter's shareholders rejected its final, unsolicited offer of $17.50 a share, valuing the firm at about $493 million, which went hostile with a tender offer that has now expired.

Facet's shares rose 4.4% to $17.12 at 4 pm on the Nasdaq Stock Market. The stock is up 79 for the year. Biogen dipped 1.6% to $49.45. Merriman Curhan Ford & Co. analyst  Michael Kin believes that Facet is worth $22-$25 a share.

"We are pleased that our stockholders have agreed with our board that Biogen Idec's $17.50 per share offer was inadequate and did not fairly value our company and its prospects," said Faheem Hasnain, president and chief executive of Facet. "We will continue to pursue appropriate opportunities and, as previously disclosed, we have requested that our financial advisor, Centerview Partners, solicit additional third parties that may have an interest in a transaction that our board would find in our stockholders' best interests. In addition, we continue to offer Biogen Idec the opportunity to engage in due diligence discussions to determine whether Biogen Idec would make a materially increased offer," he added