Retrophin ups unsolicited offer to buy Transcept Pharma shares not already owned
USA-based Retrophin (OTCQB: RTRX) has made a proposal to the board of directors of Transcept Pharmaceuticals (Nasdaq: TSPT) to acquire all of the shares of Transcept common stock that Retrophin does not own for $4.00 per share in cash, valuing the company at about $75 million.
Retrophin's proposal is conditioned on the completion of cursory due diligence and other customary provisions. Retrophin's proposal is not subject to a financing condition. Transcept shares rose 9% to $3.90 in after-hours trading.
Last week, Retrophin delivered a letter to Transcept's proposing to acquire all of the outstanding common stock for $3.50 per share in cash. Transcept's board of directors rejected proposal and adopted a Tax Benefit Preservation Plan, or a "Poison Pill," that prevents stockholders from acquiring more than 4.99% of Transcept.
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