Hostile bid gets a cold shoulder from CPEX Pharma

The board at CPEX Pharmaceuticals has rejected a hostile buyout offer of $16 a share, saying that Richard Rofe's bid undervalues the Exeter, NH-based drug delivery technology company. And at the same time the CPEX board encouraged new offers, saying it would examine all of its strategic options--including a sale, merger or a deal to cash in on royalty and milestone rights. Rofe, one of the company's biggest investors, launched his hostile takeover effort a month ago, putting a valuation of...