Horizon Pharma makes hostile bid for Depomed

Horizon Pharma has gone hostile with an all-stock offer for Depomed valued at about $2.1 billion after its target rejected friendly overtures to talk about a deal. The Dublin-based company said Tuesday that it will take an offer of $29.25 of its stock for each Depomed share directly to that company’s shareholders. The tax-free bid represents about a 42 percent premium to Depomed’s closing price Monday. Horizon said it has been trying to discuss a deal with Depomed Inc. since March, but that comp...

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