MBI warns investors of unsought share bid

Contrast agent developer Molecular Biosystems this month warned its shareholders of an unsought, below-market bid for up to 1% of MBI’s outstanding shares by a company called Towanda Partners ZG. MBI learned of the offer through shareholder queries. In an Aug. 12 statement, San Diego-based MBI emphasized that it did not endorse the $2.00 per share offer, as stockholders could get a higher price for their shares on the New York Stock Exchange, which on Aug. 11 posted a closing price per share of $2.25. Towanda Partners did not contact MBI before making its offer, which expired on Aug. 16.