Amid all the M&A news that popped up on Monday, whether its Akzo Nobel and Axalta, Novartis and AAAP, or Strayer and Capella, there is one company that is bucking the trend. In a decisive move, the Neos Therapeutics Inc. (NASDAQ: NEOS) board of directors unanimously struck down an acquisition proposal from PDL BioPharma Inc. (NASDAQ: PDLI).

Keep in mind that, excluding Monday’s move, Neos has vastly outpaced the broad markets and the health care sector with its stock up 72% year to date.

Neos came public on Monday and said that its board had unanimously rejected the October 26 unsolicited proposal from PDL BioPharma to acquire all the outstanding shares of Neos for $10.25 per share in cash.

The company noted that PDL’s October proposal is identical in all material respects to proposals received in June, July and September from PDL, which were also reviewed and unanimously rejected by the Neos board.

Even further, the board affirmed its previous determinations that PDL’s proposal undervalues Neos and does not reflect Neos’s strategic value and future prospects for continued growth and value creation.

Vipin K. Garg, Ph.D., president and CEO of Neos, commented:

We are successfully executing the Company’s strategy and believe we are well positioned to deliver enhanced value to Neos shareholders in both the near- and long-term. PDL’s proposal is opportunistic and its interest underscores Neos’ growth and value creation prospects as an independent company. We believe many of Neos’ largest shareholders support this view. While the Board is confident in Neos’ strategic direction, we are committed to serving the best interest of all Neos shareholders and remain open to considering all options to deliver on the Board and management’s value creation objectives.

Shares of Neos were last seen up about 5.5% at $10.60, with a consensus analyst price target of $17.33 and a 52-week trading range of $4.85 to $10.90.

PDL shares were trading down about 2% to $2.98. The 52-week range is $1.93 to $3.77, and the consensus price target is $3.50.

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