Astellas Ups Ante In $3.5B Hostile Bid For OSI

Law360, New York (March 1, 2010, 4:15 PM EST) -- Japanese pharmaceutical giant Astellas Pharma Inc. has taken a guns-blazing approach to its $3.5 billion hostile takeover bid for OSI Pharmaceuticals Inc., launching a lawsuit accusing the Melville, N.Y.-based company and its directors of breaching their fiduciary duties by shunning its advances.

The lawsuit, filed Monday in the Delaware Chancery Court, claims the defendants have wrongly rejected acquisition proposals that would enable OSI’s stockholders to realize the full value of their holdings, depriving the company's stockholders of a “compelling opportunity.”

The suit came simultaneously with Astellas'...
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