NEW YORK (GenomeWeb News) - Exact Sciences said on Monday that its board of directors has rejected a bid from Sequenom to buy the company for $1.50 per share in Sequenom common stock.
Exact said that the board agreed unanimously to rebuff Sequenom's proposed acquisition, and that the company is "actively pursuing a strategic alternative" that could offer greater value for shareholders than the Sequenom offer.
That offer, which Sequenom advanced after the market close on Friday, was for a stock-for-stock transaction valued at $41 million. Sequenom's shares closed at $23.02 on Friday and dipped more than percent to close at $22.29 late Monday.
The purchase would have been a 69 percent premium to Exact Sciences' close on Jan. 8 of $.89 a share. That price swelled 52 percent today on the news of the offer to close at $1.50 a share.