Depomed rejects third buyout offer from Horizon

Depomed Inc. has rejected a third buyout proposal from Horizon Pharma plc , made early Tuesday. Depomed said in a press release that Horizon’s all-stock bid for $29.25 a share is “identical in all material respects” to its first proposal, made May 27 and reiterated on June 12. Depomed pointed out that its shares reached a high of $28.16 on their own on April 27, prior to Horizon’s first bid, and close to its current proposal. Shares of Depomed, which have topped the $35 mark since Horizon first approached the company, were up 35% in recent action to $27.80. Horizon shares were off nearly 6% to $32.52.

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