Millennium (MLNM) Sees Wild Trading on Report of Buyout and Word of No Deal
Millennium Pharmaceuticals Inc. (Nasdaq: MLNM) spiked over 20% earlier today following reports from CNBC's David Faber that the company hired investment bankers to explore a possible sale.
The run-up in the stock triggered an immediate comments from the company. MLNM said it did receive an offer from a third party, and engaged a financial advisor, but the process ended without a deal.
After re-opening from the trading halt, shares immediately gave back a large chuck up the gains but still remain 8% higher as the buyout offer still gives investors something to hang their hat on.
The run-up in the stock triggered an immediate comments from the company. MLNM said it did receive an offer from a third party, and engaged a financial advisor, but the process ended without a deal.
After re-opening from the trading halt, shares immediately gave back a large chuck up the gains but still remain 8% higher as the buyout offer still gives investors something to hang their hat on.
posted by Lon at 2:24 PM
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