April 25 (Reuters) - Investment firm Shareholder Capital

sent a letter to drugmaker Vanda Pharmaceuticals' ( VNDA ) board

on Thursday asking it to reconsider Future Pak's takeover offer.

On April 17, Vanda rejected contract manufacturer Future

Pak's offer of $7.25 to $7.75 per share in cash, and adopted a

shareholder rights plan to avert a hostile takeover attempt.

Shareholder asked in its letter, "on what basis did the

Board reject Future Pak's offer, which values Vanda shares at

nearly 2x their unaffected price."

The offer represents a 59-70% premium to Vanda's Wednesday

closing price of $4.56.

Hedge fund manager Butler Hall Capital has also urged Vanda

to form an independent special committee to engage with Future

Pak over its takeover offer and run a full sales process.

Shareholder Capital, which owns 200,000 outstanding shares

of Vanda, said Vanda's rejection of the offer reveals governance

failures in the company.

Vanda did not immediately respond to a Reuters request for

comment.

(Reporting by Christy Santhosh in Bengaluru; Editing by

Shinjini Ganguli)