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On October 26, 207, PDL BioPharma (PDLI) announced that it has submitted a proposal to acquire Neos Therapeutics (NEOS) for $10.25 per share in cash. This all-cash transaction represents a premium of 40% to the closing price of Neos shares on October 25, 2017 and a premium of 41% to Neos’ share price prior to PDL’s initial proposal on June 23, 2017.
Update(s):
October 30, 2017: PDL BioPharma, Inc. (PDLI) today issued the following statement in response to the Neos Therapeutics, Inc. (NEOS) Board of Directors’ rejection of PDL’s October 26 proposal to acquire Neos (NEOS) for $10.25 per share in cash. PDL’s (PDLI) proposal remains outstanding through November 8, 2017.
November 01, 2017: U.S. drugmaker Neos Therapeutics Inc (NEOS) , which this week rejected a fourth takeover offer by PDL Biopharma Inc(PDLI), will consider offers from other potential buyers, according to people familiar with the matter.
November 08, 2017: PDL BioPharma, Inc. (PDLI) reiterated that its proposal to acquire Neos Therapeutics, Inc. (NEOS) for $10.25 per share in cash will expire today at market close. PDL originally made public its proposal to acquire Neos on October 26, 2017 at a premium of approximately 40 percent to the pre-proposal closing price of Neos shares.
February 20, 2018: PDL BioPharma, Inc. (PDLI) today officially announced it will no longer pursue its proposed acquisition of Neos Therapeutics, Inc. (NEOS). While PDL’s last public disclosure announced its proposal expired on November 8, 2017, PDL has maintained its interest until recently making the decision to not make any further proposals.