Otsuka Holdings Co’s (4578.T) $886 million bid for Astex Pharmaceuticals Inc (ASTX.O) has run into opposition from an activist shareholder who says the deal significantly undervalues the U.S. biotech firm - a charge that Astex has denied. Sarissa Capital, founded by activist investor Alex Denner, a former associate of billionaire Carl Icahn, said many shareholders agreed that Otsuka’s bid was too low and the hedge fund also raised questions about the timing of the auction and the manner in which it was conducted.
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