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VNDA Rejects Second Takeover Bid by Cycle Group, Stock Rises
VNDAVanda Pharmaceuticals(VNDA) ZACKS·2024-10-15 16:55

Vanda Pharmaceuticals Inc. (VNDA) announced that its board of directors has unanimously rejected a second acquisition bid by United Kingdom-based Cycle Group Holdings Ltd. ("Cycle Group") wherein the latter proposed to acquire VNDA for $8.00 per share in cash. Shares of Vanda were up 8.3% on Oct 14 following the announcement of the news. Vanda received the second takeover proposal from Cycle Group on Sep 23, 2024. Per management, the second unsolicited, non-binding acquisition proposal was economically iden ...