Judge asked to delay Amgen acquisition of Micromet

AP News
Posted: Feb 27, 2012 5:51 PM
Judge asked to delay Amgen acquisition of Micromet

Shareholders of Micromet Inc. are asking a Delaware judge to delay the company's acquisition by Amgen Inc., the world's largest biotech company.

Amgen has offered $11 per share for Micromet, a Maryland-based developer of cancer therapies, in a deal valued at more than $1 billion.

But some Micromet shareholders are challenging the acquisition, alleging that Micromet's board rushed it through and did not adequately explore whether it could get a competing offer at a better price.

Attorneys for Micromet and Amgen argued at a court hearing Monday that Micromet reached out to several other companies, but none expressed interest in making a bid.

The judge heard more than two hours of arguments but did not immediately issue a ruling. A tender offer for Micromet shareholders expires at midnight Thursday.