Onyx Pharmaceuticals Inc (ONXX)

[chmcnfunds]

Onyx Pharma Rejects Unsolicited Acquisition Proposal From Amgen

6/30/2013 1:28 PM ET

Onyx Pharmaceuticals Inc. (ONXX: Quote) Sunday confirmed it received and rejected an unsolicited proposal from Amgen Inc. to acquire all of Onyx's outstanding shares and share equivalents for $120 per share in cash.

The Board of Directors of Onyx had evaluated the proposal made by Amgen concluded that the price proposed by Amgen significantly undervalued Onyx and its prospects, and was not in the best interest of Onyx or its shareholders.

Onyx communicated this determination to Amgen on Friday, June 28, 2013.

Based upon expressions of interest received from other third parties and the recent proposal from Amgen, the Onyx Board has authorized its financial advisor to contact potential acquirers who may have an interest in the Company in a transaction that is in the best interest of Onyx shareholders.

Click here to receive FREE breaking news email alerts for Amgen Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: [e-mail]
_____________________________________________________________
http://www.rttnews.com/2143674/onyx-pharma-rejects-unsolicited-acquisition-proposal-from-amgen.aspx

ONXX