The board of Sorrento Therapeutics (NASDAQ:SRNE) has rejected a $7/share bid from a private equity fund saying it “significantly undervalues” the company. It received the offer several weeks ago.
In November 2019, it rebuffed a lower bid from two unnamed biopharma companies.
Shares down 6% premarket on average volume.
https://seekingalpha.com/news/3534617-sorrento-slips-6-premarket-on-rejection-of-second-takeover-bid
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