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Tuff-Stuff

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Tuff-Stuff

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Monday, 10/03/2022 6:34:50 AM

Monday, October 03, 2022 6:34:50 AM

Post# of 648882
Myovant Sciences shares surge premarket

Jumped more than 25% in premarket trading Monday after the biopharmaceutical company said it had received and rejected a bid to be taken private by its majority shareholder.

Sumitomo Pharma Co., which currently owns about 52% of Myovant, made a non-binding proposal to buy the rest of the company for $22.75 a share in cash, a nearly 27% premium to Friday's closing price of $17.96.

But Myovant said the proposal, which carries an enterprise value of about $2.5 billion, significantly undervalues the company, adding that it is open to considering an improved bid and that it is ready to engage in talks with Sumitomo.

Myovant shares were recently changing hands at $22.67, up about 26%, in premarket trading.

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