CV Therapeutics is up 50% to $17.00 in pre-market trading after Astellas made an offer to acquire all outstanding shares of the company for $16.00 per share in cash – a 41% premium to the closing price yesterday.

A proposal was previously submitted to the Board of Directors of CV in November 2008 which was ultimately rejected.

Astellas CEO Masafumi Nogimori had this to say:

“We are disappointed that the CV Therapeutics Board of Directors has rejected outright what we believe is a very compelling all-cash proposal that would deliver stockholders significant immediate value that we believe far exceeds what CV Therapeutics can achieve as a standalone company.”

They should take the offer and get the hell out.

We’ll follow.

Image from cdisc

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