Depomed rejects Horizon’s inadequate revised offer

30 July 2015

USA-based pharma company Depomed (Nasdaq: DEPO) on Wednesday rejected Horizon Pharma’s (Nasdaq: HZNP) unsolicited takeover bid calling the proposal inadequate.

Depomed said the new proposal substantially undervalues the company’s business. Last week, Ireland-based Horizon Pharma raised its all-share offer for Depomed to about $33 per share.

Peter Staple, Depomed's chairman, said: "Horizon's purported revised, unsolicited proposal does not reflect the value inherent in Depomed's business, nor does it reflect Depomed's compelling prospects for long-term growth and value creation,"

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