Depomed is still standing strong against Horizon’s advances, its board of directors unanimously rejecting the firm’s takeover offer for the third time.

Horizon’s latest proposal is an exchange ratio of 0.95 Horizon Pharma shares for every Depomed share. But Depomed argues that the latest bid has a value below $30 a share, which is under than the $33 a share previously offered.

It also represents ownership in the combined company of less than 29%, “which we believe is well below what Depomed would contribute,” the firm noted.

A merger between the two companies would create a portfolio of 13 marketed medicines, nearly doubling Horizon's current portfolio, with more than 700 sales representatives in Primary Care, Orphan and Specialty business units, and projected full-year pro forma 2015 net sales in excess of $950 million.

"The strategic and financial benefits of our proposal are highly compelling,” Timothy Walbert, Horizon’s chairman, president and chief executive, has stressed in the past. 

But Depomed’s board is still insisting that executing its own strategic plan “will deliver substantially more value” to shareholders than the latest proposal, and stressed it would not “engage” with Horizon until a “compelling offer” is made.