Onyx explores possible sale, rejects Amgen offer
By Ryan Vlastelica NEW YORK (Reuters) - Onyx Pharmaceuticals Inc said on Sunday it is weighing a sale of the company, after rejecting a roughly $10 billion takeover offer from larger rival Amgen Inc as too low. The company said the offer price of $120 a share in cash, which represents a premium of about 38 percent to the company's Friday closing price, "significantly undervalued" its prospects. Onyx said in a statement it was "actively exploring" the possibility of combining with another company, and that it had hired financial advisor Centerview Partners to contact potential buyers. ...
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