Ramius Boosts Cypress Bid To $163M

Law360, New York (September 15, 2010, 1:00 PM EDT) -- A subsidiary of Ramius LLC announced Wednesday that it had sweetened an offer to acquire Cypress Bioscience Inc. to $4.25 per share, a move that values the reluctant target at about $163 million.

Ramius Value and Opportunity Advisors LLC said its direct offer to Cypress shareholders represented a 70 percent premium over the $2.50 closing price of Cypress' stock on July 16, when Ramius made public its initial bid valuing the therapeutic medicine maker at $150 million, or $4 a share.

Cypress’ board of directors rejected...
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