Cypress Investors Resist $163M Ramius Takeover Bid

Law360, New York (September 21, 2010, 5:37 PM EDT) -- Cypress Bioscience Inc. shareholders have accused the company's board of directors of breaching its fiduciary duties by failing to adequately consider whether a $163 million hostile takeover bid by a unit of Ramius LLC maximizes shareholder value.

The putative class action, filed Friday in the Delaware Chancery Court, claims that the board has failed to enter into “any meaningful type of due diligence with Ramius or any other potential suitor.”

The suit comes after Ramius Value and Opportunity Advisors LLC offered to acquire Cypress for $4.25...
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