CV Tells Astellas to Shove It: Looks to Gilead

This post was commissioned on March 12, 2009, and it was categorized as M&A.

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All this talk by Astellas about taking over the board of directors and taking the decisision to the shareholders seems it may have been in vain. Gilead has agreed to acquire CV Therapeutics for $1.4B or $20/share through a tender offer and second step merger. - a $400M bump to the last Astellas offer of $16/share.

Terms
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The closing of the tender offer is subject to various conditions, including the tender of at least a majority of the outstanding shares of CV Therapeutics common stock in the tender offer and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
The transaction is not conditional on financing. Gilead intends to finance the transaction through available cash on hand.
The tender offer is expected to close during the second quarter of 2009.
Following completion of the tender offer, Gilead will acquire all remaining shares of CV Therapeutics through a second step merger at a price of $20.00 per share.

Gilead Sciences Agrees to Acquire CV Therapeutics for $20.00 Per Share

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Eben Tessari

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Eben is a highly caffeinated business development associate at a small, cash sensitive pharmaceutical company somewhere in Massachusetts. He enjoys cliche-less banter, compartmentalization, non-equilibrium thermodynamics and NPV analysis. Agree or disagree with what he's posted? He encourages comments.

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