CV Therapeutics' board of directors rejects Astellas' tender offer

PALO ALTO, Calif. The board of directors of CV Therapeutics announced Friday it has rejected Astellas' tender offer of $16 per share.

CV Therapeutics' determined that the offer "undervalues the company and is not in the best interests of its stockholders", according to a release.

The announcement comes once day after Gilead Sciences announced it would acquire CV Therapeutics, making it a wholly owned subsidiary of Gilead. The transaction is valued at approximately $1.4 billion, with a tender offer of $20 per share.