XLRN - Merck withdraws Acceleron filing to allow FTC more review time

Merck has withdrawn its Premerger Notification and Report Form under the Hart-Scott-Rodino Antitrust Improvements Act to provide the Federal Trade Commission with additional time for review its proposed acquisition of Acceleron Pharma (NASDAQ:XLRN). In September, Merck, through a subsidiary, Astros Merger Sub, Inc., offered to buy Acceleron for $180 per share in cash in a deal worth in estimated $11.5B. The company says it expects to refile on around Nov. 1. Merck said it still expects the merger to close this quarter. Merck has also extended the tender offer for shares of Acceleron another eight days to Nov. 18. One top institutional investor of Acceleron says the Merck offer undervalues shares.

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Merck withdraws Acceleron filing to allow FTC more review time