NEW YORK ( TheStreet) -- Onyx Pharmaceuticals (ONXX) shareholders started the weekend with a glass of champagne and the indifference of the pretty girl at the dance holding a filled dance card. After Onyx rejected Amgen's (AMGN) bid of $120 a share, a 33% premium above Friday's close, shares opened Monday above $132 Monday.Investors are betting Amgen thinks Onyx is playing hard to get, and Amgen will return with a sweetener to gain Onyx's fancy. Onyx can play its cards close to the chest as other potential suitors may present alternative offers or drive up Amgen's acquisition costs.
How to Play the Offer for Onyx
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