Cypress Bioscience Inc (CYPB)

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Cypress Bioscience Board of Directors Confirms Receipt of Revised Ramius LLC Offer in Connection with Strategic Review Process

Friday , December 10, 2010 11:47ET
SAN DIEGO--(BUSINESS WIRE)-- Cypress Bioscience, Inc. (NASDAQ: CYPB) ("Cypress") today confirmed that it received a revised offer from Ramius LLC ("Ramius") to acquire all of the outstanding common shares of Cypress common stock for $5.50 per share in cash that it does not already own.

Cypress' Board of Directors, with the assistance of its financial advisors, has been actively engaged in evaluating a broad range of strategic alternatives. Cypress' Board will carefully evaluate the revised Ramius offer as part of its ongoing evaluation.

Jefferies & Company, Inc. and Perella Weinberg Partners are serving as financial advisors to Cypress and Cooley LLP, Sullivan & Cromwell LLP and Potter Anderson & Corroon LLP are serving as its legal advisors.