The fund disclosed a 9.65% stake in Vivus and announced it could propose a conditional non-binding offer of $640 million, which would be financed with Aspen's working capital and debt from "top tier" investment banks. The fund expects to submit the offer to the board by June 13.
"Although Aspen Investment Fund currently expects to make an offer, it is under no obligation and provides no assurances it will do so, if there are any material changes to the Issuers operations, financial situation or enterprise value," Aspen said in a 13-D SEC filing.
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