Ramius makes offer for Cypress Bioscience

Cypress Bioscience Inc. (NASDAQ:CYPB) gained $0.85 (34%) to $3.35 on Monday after Ramius LLC proposed to acquire the 90.1% of Cypress it does not already own for $4 per share in cash. The price values Cypress at about $153.5 million based on 38.4 million shares outstanding at May 5 and is a 60% premium to the company's close of $2.50 on Friday, before the offer was announced. Ramius said its offer "provides shareholders with a better alternative to the company's current plan of pursuing highly-speculative acquisitions that could continue to destroy significant shareholder value." ...