Amgen offered to buy Onyx pharmaceuticals for $10B ($120 per share) and Onyx rejected the offer because the offer undervalued the company potential. Very interesting development in the world of biotech.
Rich, what I'm find interesting, that according to Yahoo (and SA) current price of ONXX equal market value of 6.32B. So, $120 is rather 8.3B and not 10B. In fact 10B is equal $135. So, I'm totally confused- did AMGN offered $120 or $135? In any case Dr Coles did not want to sell, but seeing that this is inevitable he'll ask for much higher price. In my view $135, i.e 10B is fair price and I think someone eventually will offer it...however I doubt that Dr Coles will be willing to trade- he likes his current position and few hundred millions won't change nothing in his life so he'll try to resist to the very end. This might bring us much higher price than I think is fair, but, hey who am I to argue with person that going to put a lot of additional $$$ into my pocket??