Facet Biotech Fends off Takeover Attempt from Biogen Idec with help from Baupost Group and Biotechnology Value Fund

December 18th, 2009
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Biogen Idec withdrew its bid for Facet Biotech Corporation as Facet’s board of directors denied the $17.50-a-share offer. To prevent Biogen from acquiring enough stock to push the deal through, Facet enacted a “poison pill” in September which limited investments to 15% of equity. Facet allowed Baupost Group and Biotechnology Value Fund to sidestep the restriction in exchange for their support of the Board’s recommendation.

Facet has several business relationships in place with Biogen and will still consider future offers but believes the company is worth closer to $22 to $25 per share.
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For Detailed Investor Profiles on these Investors, click below:
The Baupost Group
Related People: George Rizk; Seth A. Klarman
Related Entities: Baupost Capital; Baupost Fund; Baupost Group Inc, Baupost Group LLC; Baupost Value Partners; BSP Partners; Margin of Safety; Margin of Safety
Related Article Tags: Investment Management, Fund Manager and General Financial News; Investment Management and Hedge Fund Firm Mergers, Acquisitions, Spin-offs and Transactions

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