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MSMB Capital Makes Unsolicited $378 Million Bid for Amag

MSMB Capital Management, a New York-based hedge fund, made an unsolicited, $378 million takeover bid for Amag Pharmaceuticals Inc. and said it will fire the drugmaker’s top management if successful.

MSMB Capital will offer $18 a share in cash for Lexington, Massachusetts-based Amag, 25 percent more than yesterday’s closing price, the fund said today in a statement. MSMB Capital, already an investor in Amag, thinks the company has been mismanaged and opposes its proposed merger with Allos Therapeutics Inc., Martin Shkreli, chief investment officer, said yesterday in an interview.