LAW FIRM SEEKS HIGHER PRICE AND MORE INFORMATION FOR SHAREHOLDERS
BUYOUT OF ONYX - LAW FIRM SEEKS HIGHER PRICE FOR SHAREHOLDERS
August 26, 2013
New York, New York
Tripp Levy PLLC, a leading securities and shareholder rights law firm, announces that it has been retained by shareholder so ONYX Pharmaceuticals regarding the buyout of their shares. It has been announced that Amgen will purchase ONYX for only $125 per share. The deal is structured as a tender offer meaning it could be completed as quickly as the first week of October 2013 (assuming no antitrust issues).
The price of $125 is well below analysts' expectations of the long term true takeover value of the company of $160 per share and below the $136 price the stock hit earlier in July 2013. The $125 per share offer also does not take into effect the $750 million of cash of ONYX or approx. $10 per share, which reduces the price to only $115 per share as that cash will go to Amgen.n the merger agreement, Amgen and ONYX included a termination fee of $303 million which any other bidder must first pay which may prevent any other bidders from coming forward.
Tripp Levy PLLC is representing shareholders of ONYX who feel the offer price of $125 is unfairly low. If you would like more information as to how you can join with these other shareholders, at no cost or expense, please contact us toll free at 1-877-772-3975 or email at contact @ tripplevy