My­ovant board balks as ma­jor­i­ty own­er Sum­it­o­mo swoops in with a $2.5B deal to buy them out

Three years af­ter Sum­it­o­mo scooped up Roivant’s 46% stake in the pub­licly trad­ed My­ovant $MY­OV as part of a 5-com­pa­ny, $3 bil­lion deal, they’re com­ing back for the whole thing.

But these oth­er in­vestors at My­ovant want more than what the Japan­ese phar­ma com­pa­ny is cur­rent­ly of­fer­ing to pay at this stage.

Sum­it­o­mo is bid­ding $22.75 a share for the out­stand­ing stock, which now rep­re­sents 48% of the com­pa­ny af­ter Sum­it­o­mo bumped its own­er­ship since the orig­i­nal deal with Roivant. My­ovant, how­ev­er, cre­at­ed a spe­cial com­mit­tee on the board, and they’re shak­ing their heads over the of­fer.

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