Depomed To Review Horizon Pharma's Sweetened Offer

(RTTNews) - Depomed, Inc. (DEPO) on Tuesday confirmed that it has received a purported revised, highly conditional, unsolicited; and non-binding proposal from Horizon Pharma plc (HZNP) to acquire all of the outstanding shares of Depomed in an all-stock deal currently valued at $33.00 per share.

Depomed said its Board of Directors, in consultation with its independent financial and legal advisors, will carefully review and evaluate the revised proposal to determine the course of action that it believes is in the best interests of the company and its shareholders.

On May 27, Horizon made an unsolicited proposal to acquire all outstanding common shares of Depomed in an all-stock deal then valued at $29.25 per share. However, Depomed rejected the prior proposal, saying it was opportunistic, did not reflect the inherent value of Depomed in light of the company's standalone prospects, including the realization of the expected benefits from its transformational acquisition of the Nucynta franchise, and was highly conditional and not in the best interests of the company and its shareholders.