Activist Update: Ramius extends Cypress Bioscience offer, Carl Icahn follows Seneca with active ownership stake in Dynergy
|October 19th, 2010||
|Last week activist shareholder Ramius Capital Group announced plans to extend its offer to purchase Cypress Bioscience, Inc. (NYSE: CYPB) for $4.25 a share. According to Hedge Fund Solutions’ Catalyst Equity Research Report for the week of October 15, Ramius Capital has extended its offer until November 10. Ramius first offered to purchase CYPB for $4.00 a share in July, and upped its purchase price to $4.25 in September. Ramius Capital currently owns 3,815,000 shares, or 9.9% of shares outstanding, in the company.|
Ramius Capital has also been active in Extreme Networks, Inc. (NYSE: EXTR), of which the firm owns 6.4%, or 5,774,900 shares. EXTR recently entered into a settlement agreement with Ramius Capital in which the company agreed to increase its board to nine members and add one Ramius individual to the board. The settlement follows Ramius’s July 20 nomination of two individuals to EXTR’s board.
Ramius Capital Group is an activist hedge fund manager that was founded by Peter Cohen in 1994 and acquired boutique investment bank Cowen Group in 2009. Carl Icahn his founded diversified holding company Icahn Associates in 1985 and makes activist investments in various industries, including investment management, metals, real estate, and consumer goods.
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