Pfizer, which has offered to buy Durham's Icagen for $6 per share, wants to be clear: It won't pay a dime more.
In response to pressure from Icagen investors who are unhappy with the value of the offer, Pfizer sent a letter today to Icagen's board.
With the takeover offer set to expire on Aug. 31, "we thought it appropriate to reaffirm unambiguously, as we made clear when negotiating the merger agreement with you, that $6 per share is our best and final price," the letter states. "Pfizer will not pay more."
The so-called tender offer requires that a majority of Icagen investors agree to the deal. "If a majority of shares are not tendered, however, we still will not raise our offer," wrote Douglas Giordano, Pfizer's senior vice president of worldwide business development.