PDL gets ag­gres­sive with an of­fer to buy out Neos Ther­a­peu­tics

Shares of Neos Ther­a­peu­tics $NEOS jumped about 10% this morn­ing af­ter PDL Bio­Phar­ma $PDLI went pub­lic with a buy­out bid of $10.25 a share.

The board at Neos has al­ready re­ject­ed that of­fer, and PDL wasn’t hap­py that the com­pa­ny fol­lowed up the sum­mer over­ture with di­lu­tive fund­ing.

In their state­ment to­day, PDL not­ed:

As a re­sult of the Board’s re­cent re­jec­tion of PDL’s lat­est pro­pos­al—and in light of the Board’s re­fusal to ne­go­ti­ate in good faith to­ward a trans­ac­tion in the best in­ter­ests of Neos share­hold­ers—PDL’s Board and man­age­ment are now mak­ing its pro­pos­al to the Neos Board pub­lic so that Neos share­hold­ers can de­cide what is in their best in­ter­est.

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