Horizon pushes hostile bid for drugmaker Depomed with start of shareholder offer

Horizon Pharma is continuing its hostile takeover bid for Depomed by offering to exchange a portion of its stock for shares of the rival drugmaker.

Dublin-based Horizon says it will exchange 0.95 Horizon shares for each Depomed share in an offer scheduled to expire in November.

Continue Reading Below

The offer to Depomed shareholders is worth $33 per share and represents a 60 percent premium to the $20.64 closing price of Depomed stock in early July, before Horizon went public with its acquisition proposal.

Newark, California-based Depomed Inc. has already rejected that offer, which was an increase from a prior bid of $29.95 per share.

Horizon Pharma Plc. also is asking Depomed's stock owners to call special meetings to vote on replacing Depomed's board of directors.