OSI, Astellas deal

OSI's board unanimously rejected an unsolicited tender offer from Astellas to acquire OSI for $52 per share, or about $3.5 billion. OSI's board also instructed management to contact third parties to explore the availability of a transaction that "reflects the full intrinsic value" of OSI. Astellas said in a statement that it will proceed with its offer, which began on March 8 (see BioCentury, March 8).

Astellas said it intends to nominate a full slate of directors for election to the board at OSI's annual shareholder meeting. The nominees are Martin Edelshain, Cono Fusco, John Gilly, Michael Griffith, Jill Kanin-Lovers, Douglas Linton, Timothy Lynch, Jonathan Macey, Margaret Monaco and Joseph Turner. In a response, OSI said it "believes the Astellas director nominees' only mandate is to support Astellas in acquiring OSI at an inadequate price." ...