Cypress still unimpressed by Ramius takeover offer

The board of Cypress Bioscience has unanimously rejected the unsolicited tender offer by Ramius V&O Acquisition LLC to purchase all of the outstanding shares of the company for $4.25 per share in cash.

The board of Cypress Bioscience has unanimously rejected the unsolicited tender offer by Ramius V&O Acquisition LLC to purchase all of the outstanding shares of the company for $4.25 per share in cash. The company also announced it will "engage in a broad evaluation of Cypress' strategic alternatives" to "maximize value for all Cypress stockholders." Such options, Dow Jones notes, could include selling assets or the entire company.

In explaining why it rejected Ramius--again--the board said the hedge-fund operator's offer "grossly undervalues Cypress' current business and future prospects." Furthermore, it views the offer as an attempt by Ramius to obtain "an extremely attractive return on its recent investment in the Company at the expense of all other Cypress stockholders." Ramius has been wooing Cypress since July--but has been rebuffed in its efforts. Ramius currently owns 9.9 percent of the outstanding common stock of Cypress, making it one of the company's largest