Japanese company extends OSI hostile takeover bid
Japanese pharmaceutical company Astellas Pharma Inc. has extended for another three weeks its $52-per-share hostile takeover bid of Melville-based OSI Pharmaceuticals. Astellas' offer had been set to expire at midnight yesterday.
OSI, which is moving to Westchester County, makes the successful anti-lung cancer drug Tarceva. Its board said the Astellas offer "does not fully reflect OSI's fundamental, intrinsic value."
The cash offer by Deerfield, Ill.- based Astellas U.S. Holding Inc., a subsidiary of Tokyo-based Astellas Pharma Inc., caused OSI shares to soar more than 40 percent in early March. OSI closed down 51 cents yesterday to $59.55.
Out East Show: Visit The Shamrock evergreen maze, Sannino Vineyard, Seven Ponds Orchard and the Warrior Ranch Foundation NewsdayTV's Doug Geed is heading 'Out East' to showcase the ultimate local spots you need to explore.
Out East Show: Visit The Shamrock evergreen maze, Sannino Vineyard, Seven Ponds Orchard and the Warrior Ranch Foundation NewsdayTV's Doug Geed is heading 'Out East' to showcase the ultimate local spots you need to explore.
