Investing.com UK - Financial Markets Worldwide
Get 40% Off
Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Myovant Sciences Rejects Sumitovant/Sumitomo Pharma Buyout Offer Of $2.5B

Published 03/10/2022, 12:21
Updated 03/10/2022, 13:11
© Reuters. Myovant Sciences Rejects Sumitovant/Sumitomo Pharma Buyout Offer Of $2.5B

  • Myovant Sciences Ltd (NYSE: MYOV) rejected a $2.5 billion takeover offer from Sumitovant Biopharma Ltd and Sumitomo Pharma Co., Ltd, saying that the offer undervalues the company.
  • Myovant Sciences confirmed that it received a preliminary, non-binding proposal from Sumitovant Biopharma and Sumitomo Pharma Co., Ltd. to acquire the remaining shares of the Company that Sumitovant does not currently hold for a price of $22.75 per share in cash.
  • Sumitovant currently holds about 52% of the outstanding shares of the company.
  • Myovant said its Special Committee determined that the offer significantly undervalues the company and, therefore, is not in the best interests of the company or its minority shareholders.
  • The Special Committee remains open to considering any improved proposal that reflects the full and fair value of the company and is otherwise in the best interests of the company and its shareholders and is prepared to engage further with Sumitomo regarding any such proposal, Myovant said in a statement.
  • In a separate press release, Sumitomo Pharma said the proposed transaction, if completed, would result in Myovant being delisted from the NYSE.
  • According to Sumitomo Pharma, the proposed acquisition consideration represents an equity value for Myovant of $2.4 billion and an enterprise value of $2.5 billion.
  • The proposed per-share consideration represents a premium of about 27% to Myovant's closing share price on September 30.
  • Price Action: MYOV shares are up 29.1% at $23.18 during the premarket session on the last check Monday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.