Northstar Neuroscience Rejects Tang Capital’s Unsolicited Takeover Bid

7/8/08

Northstar Neuroscience has rejected an unsolicited takeover bid from Tang Capital Partners. The Seattle-based company, developer of an electrical stimulation treatment for stroke patients, said today it wouldn’t accept Tang’s bid of $2.25 a share, because it “is not in the best interest of all shareholders.” Northstar (NASDAQ: NSTR) rose 2 cents to $1.86 at 11:33 a.m. Eastern time. As we discussed last week, Northstar has turned to Boston-based investment bank Leerink Swann to “evaluate strategic alternatives.”

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