June 19 (Reuters) - Vanda Pharmaceuticals Inc ( VNDA ):
* VANDA PHARMACEUTICALS BOARD OF DIRECTORS DETERMINES THAT
RECENT
UNSOLICITED TAKEOVER PROPOSALS ARE NOT IN THE BEST INTERESTS OF
THE COMPANY AND ITS SHAREHOLDERS
* BOARD HAS REJECTED PROPOSALS
* PROPOSAL FROM CYCLE GROUP AND REVISED PROPOSAL FROM FUTURE
PAK
UNDERVALUE VANDA
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