Shares of Cypress Bioscience jumped by 20% on Tuesday after the company announced it was rejecting a $6 a share buyout offer from Ramius LLC. CYPB stock price closed at $5.75 a share in trading on the NASDAQ.
Ramius' Cypress Bioscience takeover price is approximately $232 million. Ramius owns 9.9 percent of Cypress Bioscience and originally began its buyout efforts in July 2010 with a $4 per share cash offer for CYPB.
Cypress is said to be currently weighing third party options after rejecting the latest cash offer from Ramius.
Cypress Bioscience CYPB stock price takeover
