Ramius begins tender offer for Cypress

Ramius LLC began an unsolicited tender offer to acquire the 90.1% of Cypress Bioscience Inc. (NASDAQ:CYPB) it does not already own for $4.25 per share in cash. Cypress' board advised shareholders to take no action at this time but said it would issue a formal position on the offer within 10 business days. The tender offer expires on Oct. 13. The price values Cypress at about $164 million based on 38.6 million shares outstanding at Aug. 5. It is a 70% premium to the company's close of $2.50 on July 16, before Ramius announced its initial unsolicited offer of $4 per share, which Cypress rejected in August. ...