Depomed’s board of directors has unanimously rejected Horizon Pharma’s revised all-stock proposal.

On Aug. 13, Horizon revised its previous proposal and set an exchange ratio of 0.95 of Horizon shares for each share of Depomed, and offered to include up to 25% in cash subject to a reduction in the total consideration per share. Depomed officials said the new proposal has a current value below $30 per share, which is less than the $33 per share proposal Horizon previously made, and represents ownership in the combined company of less than 29%. The company believes that figure is well below what Depomed would contribute to the combined company.