MYOV - Myovant Sciences rejects Sumitovant Biopharma's $22.75/share takeover offer

• Myovant Sciences ( NYSE: MYOV ) said a special committee of its board rejected a $22.75/share offer from Sumitovant Biopharma to buy the remaining shares of the biopharma company it doesn't already own.
• Sumitovant currently holds approximately 52% of the outstanding shares of Myovant ( MYOV ). The offer represents a 27% premium to MYOV's closing price on Friday.
• Myovant ( MYOV ) board's special committee determined that the offer "significantly undervalues" the company and is not in the best interest of the company or its minority shareholders, according to a statement. The special committee remains open to considering any improved proposal that reflects the full and fair value of the company
• The special committee retained Goldman Sachs as its financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP as its legal advisor to assist with its review of the proposal.
• Developing story ...

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