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February 25, 2013
07:34 EDTCRTXCornerstone Therapeutics announces appointment of special committee
Cornerstone Therapeutics announced today that its board had appointed a special committee comprised of five independent directors to coordinate its response to a letter from Chiesi Farmaceutici received on February 18. In that letter, Chiesi, which owns approximately 60% of the outstanding shares of the company's common stock, made a proposal, subject to certain conditions, to acquire the shares of the company's common stock that it does not already own for a cash purchase price of between $6.40 and $6.70 per share. The Special Committee has not set a definitive timetable for completion of the review process, and the company does not anticipate making any further public statements about the proposed transaction or the activities of the Special Committee unless and until either it enters into a definitive agreement for a transaction, or the Special Committee determines that no such transaction will be effected.
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