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InsideArbitrage Potential Deal Alert: Future Pak Confirms Proposal to Acquire Vanda Pharmaceuticals (VNDA) for $7.25 to $7.75 Per Share in Cash

  • April 17, 2024

POTENTIAL DEAL DETAILS

StockVanda PharmaceuticalsSymbolVNDA
Date Announced04/17/2024Source Press Release
TypeUnsolicited BidAcquiring Company/Person Future Pak

Future Pak announced that it has submitted three proposals since February to acquire all of the outstanding shares of common stock of Vanda Pharmaceuticals (VNDA), and confirms that its most recent proposal to acquire Vanda for cash consideration of $7.25 to $7.75 per share remains open for Vanda and its Board of Directors to consider.

Vanda Pharmaceuticals Investor Relations

Future Pak Investor Relations

Update(s):

April 17, 2024: Vanda Pharmaceuticals announced that it rejected the unsolicited takeover proposals from Future Pak. The Vanda Board carefully reviewed the conditional proposals and unanimously concluded that they are not in the best interests of the company and its shareholders, as they significantly undervalue the company.

April 19, 2024: Butler Hall Capital issued an open letter to Vanda’s board asking them to immediately form an independent special committee to engage with Future Pak and run a full sales process to achieve the highest value for shareholders, and to discuss the takeover deal for the company further.

May 7, 2024: Future Pak increased its offer for Vanda Pharmaceuticals (VNDA) to include Contingent Value Rights (CVRs) in addition to the cash consideration of $7.25 to $7.75 per share, representing a potential increase of approximately $4.37 per share. The increased offer includes up to $260 million of potential CVR payments.

Disclaimer: Our intent with this section of the website is to present potential deals that appear to be in the pipeline. These potential deals are ones where i) the company has indicated that it is "seeking strategic alternatives", ii) there has been an unsolicited bid for a company as mentioned in a press release by the company or iii) news about the deal has been published by a leading news organization like The Wall Street Journal, The New York Times, Bloomberg, Financial Times, The Washington Post, Reuters and The Associated Press. As best as possible we will try to avoid baseless rumors. There is a high probability that many of these potential deals may not materialize and if they do, the terms of the deal may be different from what was initially reported. Please do your own due diligence before buying or selling any securities mentioned on this website. We do not warrant the completeness or accuracy of the content or data provided.