Astellas Attempts To Oust OSI Board In Takeover Bid

Law360, New York (March 17, 2010, 2:12 PM EDT) -- Japanese pharmaceutical giant Astellas Pharma Inc. wants to replace the board of OSI Pharmaceutical with its own nominees as it pushes forward with its $3.5 billion hostile takeover bid.

Astellas said Tuesday that it would nominate a full slate of independent directors at OSI's annual stockholders' meeting. The move comes just days after OSI's board unanimously recommended that OSI shareholders reject Astellas' offer.

“We have taken this step to provide OSI’s stockholders with an alternative to the current board, which refuses to consider Astellas’ compelling offer,”...
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