Horizon pushes hostile bid for drugmaker Depomed with start of shareholder offer

Horizon Pharma is continuing its hostile takeover bid for Depomed by offering to exchange a portion of its stock for shares of the rival drugmaker.

Dublin-based Horizon says it will exchange 0.95 Horizon shares for each Depomed share in an offer scheduled to expire in November.

The offer to Depomed shareholders is worth $33 per share and represents a 60 percent premium to the $20.64 closing price of Depomed stock in early July, before Horizon went public with its acquisition proposal.

Newark, California-based Depomed Inc. has already rejected that offer, which was an increase from a prior bid of $29.95 per share.

Horizon Pharma Plc. also is asking Depomed's stock owners to call special meetings to vote on replacing Depomed's board of directors.