Bristol-Myers Squibb agreed to purchase biotech firm ZymoGenetics for 885 million dollars. The announcement caused ZymoGenetics shares to spike over 84% to $9.76 even as Bristol was offering to pay $9.75 per share.
Furthermore, Faruqi & Faruqi, a New York based firm is investigating the Board of Directors at ZymoGenetics for breaching fiduciary duties and failing to conduct adequate and fair sales process to sell their company. The company may be undervalued which caused some hopeful investors to bid the share price up slightly past the offer price.
