Depomed sets date for special shareholder meet in response to Horizon bid

Depomed (Nasdaq: DEPO) has set a record date of October 29 to determine shareholders entitled to request a special meeting to vote on Horizon Pharma’s (Nasdaq: HZNP) hostile takeover bid.

In a letter to Horizon’s chief executive Timothy Walbert, Depomed said that “the setting of such record date shall not be deemed to be an admission” that Horizon’s written request for Depomed to do so, made earlier this month, “satisfies requirements for submission of a valid record date request notice.”

Depomed noted that Horizon’s August 3 letter doesn't include any pro forma information or risk factors related to the unsolicited offer. Depomed said this is "inconsistent with your representation that your proposals' represent a way for shareholders to demonstrate, in a coordinated and powerful manner, their support for [Depomed] to engage in a meaningful dialogue with Horizon' regarding your unsolicited offer."