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Bluebird Bio Inc. (NASDAQ:BLUE) shares are trading higher Monday after the company received an unsolicited takeover offer from Ayrmid Ltd.
What To Know: The offer includes an upfront cash payment of $4.50 per share and a one-time contingent value right of $6.84 per share payable upon achievement of net sales milestones.
The bid comes after Bluebird had already agreed in February to be acquired and taken private by Carlyle and SK Capital Partners for $3 per share in cash, with the same $6.84 contingent value right.
Bluebird said it previously reviewed strategic alternatives and even engaged in discussions with Ayrmid, but Ayrmid did not submit a proposal at that time. The company's board is now reviewing the new offer with legal and financial advisors. Investors appear to be reacting to the possibility of a higher takeover price.
Bluebird Bio shares are also getting a boost from Barclays on Monday after the analyst firm maintained an Overweight rating and set a price target of $8.
Blue Price Action: BlueBird Bio shares were up 24.1% at $5.06 at the time of publication Monday, according to Benzinga Pro.
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Posted In: BLUE
