Merck Pushes Acceleron Buyout By Refiling For Antitrust Review

Merck & Co Inc MRK revealed that it had temporarily withdrawn its premerger notification and report form. The company said it plans to refile today.
The move will provide the U.S. Federal Trade Commission (FTC) additional time to review the Acceleron Pharma Inc XLRN deal.
It also gives Merck a reason to extend the tender offer time for collecting the required shares from Acceleron investors.
The tender offer is now scheduled to expire on November 18, rather than the previous November 10.
The refiling extends the merger review's waiting period by another 15 days to November 16.
The news came a day after Avoro Capital Advisors, which owns a 7% stake in Acceleron, released a letter to shareholders claiming that Merck's offer undervalues the company.
"We expect that, by the end of 2022, Acceleron will have results from its Phase 3 STELLAR trial that is enrolling the prevalent PAH population, which we believe will support a higher share price," Avoro wrote in the note.
While noting that Merck would be a "great partner" for Acceleron, "The problem is not the fit, it is both the timing and the price," the investor said.
Related Link: Bristol Myers Pledges To Offload Acceleron Shares: Bloomberg.
Price Action: XLRN shares closed down 0.18% at $173.87, while MRK closed lower by 0.24% at $87.84 on Monday.

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