Sorrento said the proposal of up to $7 per share received earlier this month undervalued it and was not in the best interest of its shareholders. In November, the company had rejected an unsolicited buyout proposal from two pharmaceutical companies, which offered between $3 and $5 for each of Sorrento’s outstanding shares. The drugmaker has not disclosed the names of the private equity fund nor the two pharmaceutical companies and said it would continue to pursue potential tie-ups and transactions. …read more
Source:: Yahoo Finance
