Astellas launched a hostile bid for OSI Pharmaceuticals at $52 per share back in early March. The bid was rejected quickly by the OSI board and the two have been sparring with one another ever since.
Today OSI announced that it had struck an agreement with Astellas that would allow the latter to take a peek at non-public information related to OSI. In return, Astellas will enter into an non-disclosure agreement with OSI and will abide by a standstill provision.
Astellas will be involved in the ongoing sales process as are other bidders according to OSI. Astellas extended its all-cash tender offer until April 23rd in conjunction with this agreement as it was set to expire on March 31st at 12:00 midnight Eastern time.
Posted by Bruce Lehr March 31st 2010.