NitroMed agrees to new Deerfield offer
NitroMed (NASDAQ:NTMD) agreed to be acquired by Deerfield Management for $0.80 per share in cash. The price would value NitroMed at $36.9 million based on 46.1 million shares outstanding and is a 25% premium to NitroMed's close of $0.64 on Monday, before the deal was announced. Deerfield, which holds a 12% stake in the biotech, initially made an unsolicited offer of $0.50 in December and then revised the offer twice, with the second revised offer estimated by Deerfield to be worth at least $0.75 per share. The new offer is a 167% premium to NitroMed's close of $0.30 on Dec. 4, the day before Deerfield's initial offer. The deal, which is expected to close by April, includes a provision allowing NitroMed to solicit, negotiate and evaluate competing acquisition proposals during a post-signing period ending on Feb. 26. ...