OSI board rejects Astellas' $3.5 billion offer

OSI Pharmaceuticals rejected a $3.5-billion takeover bid from Astellas Pharma Inc., telling shareholders Monday the offer was too low.

Astellas has attempted to acquire OSI for more than a year and, after repeated rejections, the Japanese company filed suit to prevent the OSI's board from interfering and made a hostile bid earlier this month.

On Monday, OSI Chairman Robert Ingram said the offer "does not fully reflect OSI's fundamental, intrinsic value."

The board voted unanimously to reject Astellas again. The offer expires March 31.

Astellas said in a statement responding to the rejection that it "continues to firmly …