Judge asked to delay Amgen acquisition of MicrometMicromet shareholders ask Delaware judge to delay acquisition by AmgenDOVER, Del. (AP) -- Shareholders of Micromet Inc. are asking a Delaware judge to delay the company's acquisition by Amgen Inc., the world's largest biotech company.
Amgen has offered $11 per share for Micromet, a Maryland-based developer of cancer therapies, in a deal valued at more than $1 billion.
But some Micromet shareholders are challenging the acquisition, alleging that Micromet's board rushed it through and did not adequately explore whether it could get a competing offer at a better price.
Attorneys for Micromet and Amgen argued at a court hearing Monday that Micromet reached out to several other companies, but none expressed interest in making a bid.
The judge heard more than two hours of arguments but did not immediately issue a ruling. A tender offer for Micromet shareholders expires at midnight Thursday.
I think it's a little late for such action--if I remember the details, Amgen has already purchased at least 50% of the shares on the open market. My daughter is holding out for the full $11.00, but I've already sold my position.