Aspen Investment Fund indicated in regulatory filings that it is mulling a $640 million takeover of VVUS. Aspen currently holds a 9.65% stake in VVUS. The fund proposes to fund a non-binding offer through new debt and working capital, The Street notes.
An offer could be submitted to VVUS by June 13, the regulatory filing said, though Aspen noted that it remained under no obligation to actually follow throughout with a bid for VVUS.
Last month, VVUS shares sank sharply after the company’s stock rating was downgraded by Piper Jaffray.
VVUS stock closed at $4.67 per share on Tuesday.
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