Osteotech purchase falters
This article was originally published in The Gray Sheet
Executive Summary
Osteotech rejects Musculoskeletal Transplant Foundation's (MTF) July 12 offer to acquire its common stock at $6.25 per share in cash, the non-profit MTF announces Aug. 29. "We are extremely disappointed that the Osteotech board has rejected our offer," the non-profit says in a release. Osteotech President Richard Bauer fires back Aug. 30 with a letter stating MTF's proposal does not reflect "any of the value to be derived by MTF from an acquisition of Osteotech." He also challenges MTF's suggestion that Osteotech has been unwilling to negotiate with MTF, calling the characterization "a tactic to wrest control of the company" from existing shareholders...