Depomed Again Rejects Horizon Pharma's Proposal

(RTTNews) - Depomed Inc. (DEPO) announced that its board rejected Horizon Pharma plc's (HZNP) revised proposal.

On August 13, 2015, Horizon revised its previous proposal and set an exchange ratio of 0.95 of Horizon shares for each share of Depomed, and offered to include up to 25% in cash subject to a reduction in the total consideration per share.

Depomed noted that the all-stock proposal has a current value below $30 per share, which is less than the $33 per share proposal Horizon previously made, and represents ownership in the combined company of less than 29%, which it believe is well below what Depomed would contribute to the combined company.