OSI Board Rejects Astellas $3.5B Bid

Law360, New York (March 15, 2010, 3:02 PM EDT) -- The board of OSI Pharmaceuticals Inc. has rejected a $3.5 billion hostile takeover bid from a unit of Japanese pharmaceutical giant Astellas Pharma Inc., instead putting out feelers for other suitors.

New York-based OSI said Monday that its board of directors was unanimously recommending that OSI shareholders reject the offer and not tender their shares. Astellas US Holding Inc., a wholly owned subsidiary of Astellas Pharma Inc., said March 1 that it planned to commence a tender offer to acquire all of OSI's outstanding shares for...
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