Depomed Says Horizon Offered To Raise Bid — Sort Of
Horizon Pharma (HZNP) stock dipped despite an earnings beat Friday, as Depomed (DEPO) rebuffed another takeover attempt. In a letter to Horizon CEO Timothy Walbert, Depomed CEO James Schoeneck wrote that Walbert had told him Horizon was prepared to raise its offer with a cash component up to 25%. Horizon’s previous proposal was all in stock, and reportedly worth $33 a share, though the exact quantity of stock involved wasn’t disclosed. “Yet you