Horizon starts hostile bid for Depomed

9 September 2015

Ireland-incorporated Horizon Pharma (Nasdaq: HZNP) has taken its $1.68 billion takeover offer directly to shareholders of Depomed (Nasdaq: DEPO) following serial rejections from the drugmaker.

Horizon started an offer under which Depomed holders can exchange each of their shares for 0.95 of a Horizon share, Horizon said in a statement. The offer values Depomed at $27.93 a share, based on its closing price on September 4.

Horizon said the offer represents a 60% premium to Depomed's share price on July 6, a day before the company made the takeover bid for Depomed.

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