Vanda Pharmaceuticals (NASDAQ:VNDA) stock is rising higher on Wednesday after the biopharmaceutical company received a firm acquisition proposal from Future Pak LLC.
Vanda Pharmaceuticals has received three proposals from Future Pak to acquire the company since February. It’s latest offer has it seeking to acquire all outstanding shares of the company for between $7.25 to $7.75 each.
Vanda Pharmaceuticals says its board of directors is still considering this proposal. The offer represents a 79% to 91.4% premium over the closing price of VNDA stock on Tuesday.
Future Pak is looking for support from VNDA investors for its acquisition of the company. That’s why it’s publicly sharing its offer price for the company’s stock.
What’s Next for VNDA Stock?
Future Pak doesn’t appear ready to walk away from a deal for Vanda Pharmaceuticals. Instead, the firm notes that open engagement with the company’s leaders could result in additional benefits for shareholders.
Future Pak notes this could include Contingent Value Rights or a potential increase in its offer price for VNDA stock. However, it claims that Vanda Pharmaceuticals has rejected negotiations with it.
VNDA stock is up 34.3% as of Wednesday morning, with more than 3.5 million shares traded. That’s well above its daily average trading volume of about 1.9 million shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
