$10B Amgen Bid Snubbed By Onyx Pharmaceuticals

Law360, New York (July 1, 2013, 1:53 PM EDT) -- The board of directors for Onyx Pharmaceuticals Inc., a cancer-drug maker, has rejected an approximately $10 billion takeover offer made by Amgen Inc. and is now actively shopping itself to other potential suitors, according to a Sunday statement.

Amgen had offered $120 for each of Onyx's 72.7 million outstanding shares, as well as additional convertible senior notes and stock options that could be converted into shares, which the Onyx board has contended significantly undervalues the company. But based on the interest from other unnamed parties, Onyx...
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