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The latest announcement is out from CymaBay Therapeutics (CBAY).
In a significant move for investors, a tender offer for all outstanding shares of a company commenced on February 23, 2024, at $32.50 per share, successfully acquiring approximately 77.3% of shares by the March 21 deadline. This led to a merger the next day, with each share not already owned or tendered being converted into the right to receive the offer price. The company’s officers and directors resigned, with the purchaser’s team taking over, signaling a major shift in the company’s leadership and direction. This $4.3 billion transaction resulted in the company notifying NASDAQ to suspend trading and delist its shares, marking a new chapter for the entity and its stakeholders.
Learn more about CBAY stock on TipRanks’ Stock Analysis page.
