Ramius makes another offer for Cypress Bioscience
|September 18th, 2010||
|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.
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