Key Developments For Facet Biotech Corporation
Facet Biotech Corporation (FACT.O) (Consolidated Issue listed on NASDAQ Global Market)
Facet Biotech Corporation's Board of Directors Recommends Stockholders Continue To Reject Biogen Idec Inc.'s Tender Offer
Facet Biotech Corporation announced that it has responded to Biogen Idec Inc.'s announcement that it is extending its unsolicited tender offer to acquire all of the outstanding shares of Facet Biotech common stock for $14.50 per share in cash. Facet Biotech Corporation's Board of Directors reviewed and determined to not be in Facet Biotech stockholders' best interests and which an overwhelming majority of Facet Biotech's stockholders have rejected by not tendering their shares.
Biogen Idec Inc. Extends Offer To Acquire Facet Biotech Corporation for $14.50 Per Share in Cash
Biogen Idec Inc. announced that it has extended the tender offer by its wholly owned subsidiary, FBC Acquisition Corp., to purchase all of the outstanding shares of Facet Biotech Corporation to December 16, 2009, unless otherwise extended. The tender offer was previously set on October 19, 2009. The offer price remains unchanged at $14.50 in cash.
Facet Biotech Corporation's Board Of Directors Unanimously Rejects Biogen Idec Inc's Unsolicited Tender Offer As Inadequate
Facet Biotech Corporation announced that its Board Of Directors has unanimously recommended that its stockholders reject the unsolicited conditional tender offer from Biogen Idec Inc. to acquire all of the outstanding shares of Facet Biotech Corporation common stock for $14.50 per share in cash. The Board, with the assistance of its financial and legal advisors, determined that the offer is inadequate and not in the best interests of Facet Biotech's stockholders. Centerview Partners is serving as financial advisor and Simpson Thacher & Bartlett LLP is serving as legal advisor to Facet Biotech. The Board unanimously recommends that Facet Biotech stockholders reject the offer and not tender their shares into Biogen Idec's offer.
Biogen Idec Inc. Commences Tender Offer for Facet Biotech
Biogen Idec Inc. announced that FBC Acquisition Corp., its wholly owned subsidiary, has commenced a tender offer to acquire all of the outstanding shares of Facet Biotech Corporation for $14.50 per share in cash, in furtherance of its previously announced acquisition proposal. The tender offer is scheduled to expire on October 19, 2009, unless extended or terminated. The tender offer follows a written proposal made by Biogen Idec to Facet Biotech`s Board of Directors on September 4, 2009 to acquire all of the outstanding shares of Facet Biotech in a negotiated transaction. Biogen Idec`s all cash offer represented a premium of approximately 64% over the $8.82 per share closing price of Facet Biotech`s common stock on September 3, 2009, the last trading day before Biogen Idec publicly announced its acquisition proposal. In light of the rejection of the proposal by Facet Biotech`s Board of Directors on September 8, 2009 and its refusal to discuss a business combination of the two companies on the terms proposed, Biogen Idec has decided to present its offer directly to Facet Biotech`s stockholders.
Biogen Idec Inc. Reiterates Proposal To Acquire All Outstanding Shares of Facet Biotech Corporation For $14.50 Per Share In Cash
Biogen Idec Inc. reiterated its proposal to acquire all of the outstanding shares of Facet Biotech Corporation for $14.50 per share in cash.
