PALO ALTO, Calif., Jan. 28 /PRNewswire-FirstCall/ -- In light of an announcement made recently by Astellas Pharma Inc., CV Therapeutics, Inc. (Nasdaq: CVTX) confirmed that it had received a letter dated November 13, 2008 from Astellas setting forth an unsolicited proposal by Astellas to acquire CV Therapeutics at a price of $16.00 per share, subject to due diligence, Astellas board approval and other conditions.
After careful deliberation, with the assistance of its financial and legal advisors, the CV Therapeutics board of directors had, on November 21, 2008, concluded that the Astellas proposal was not in the best interests of CV Therapeutics and its stockholders. Dr. Louis Lange, chairman and chief executive officer of CV Therapeutics, sent a letter dated November 21, 2008 to that effect to Astellas on behalf of the board of directors of CV Therapeutics.
Because Astellas, by its recent announcement, has sought to revive its previously rejected proposal, the CV Therapeutics board of directors will again review developments in the context of the company's strategic plans and the long-term interests of its stockholders, to pursue the best course of action to maximize long-term value for stockholders. As part of its ongoing review of the current market environment and the recent developments relating to CV Therapeutics, the board of CV Therapeutics concluded that it was in the best interests of CV Therapeutics and its stockholders to extend the expiration date of its shareholder rights plan from February 1, 2009 to February 1, 2010. CV Therapeutics will keep its stockholders advised.
Barclays Capital is serving as financial advisor, and Latham & Watkins LLP is serving as legal counsel, to CV Therapeutics.
About CV Therapeutics
CV Therapeutics, Inc., headquartered
|SOURCE CV Therapeutics, Inc.|
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