Sorrento Therapeutics Rejects Unsolicited Acquisition Offer

Sorrento Therapeutics' (NASDAQ: SRNE) board of directors unanimously rejected a proposal from a private-equity fund to acquire a majority or all of the company's shares for up to $7 per share. The board concluded that the offer "significantly undervalues the company and is not in the best interest of the shareholders."

Investors didn't come to the same conclusion. Shares of Sorrento closed down 9% to $3.88 on Monday on the news that the company was taking a pass on the buyout offer.

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Source Fool.com