Ramius makes another offer for Cypress Bioscience

September 18th, 2010
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Activist hedge fund manager Ramius LLC, which currently owns 10% of drug developer Cypress Bioscience (CYPB), has offered to buy the company for $147 million in cash. According to Sign On San Diego, the hostile bid offers $4.25 per Cypress share, an increase of Ramius’s previous July 19th offer to buy the company at $4.00 a share. The day before the September 15th offer, Cypress stock closed at $3.51 a share.

Ramius LLC and other institutional investors cite their dissatisfaction with Cypress managers, who unsuccessfully invested Cypress’s profits in unproven experiments and unsuccessful ventures, as the motivation behind the buyout offer.
For Detailed Investor Profiles on these Investors, click below:
Ramius Capital Group
Related People: Jeffrey Smith; Jeffrey Solomon; Mark R. Mitchell; Morgan Stark; Peter Cohen; Thomas Strauss
Related Entities: Cowen Group Inc. (NASDAQ: COWN); Ramius Alternative Investments; Ramius Credit Fund; Ramius Enterprise LP; Ramius Intermediate Fund; Ramius Multi-Strategy Fund; Ramius Value and Opportunity Fund
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles

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