Bluebird Bio, Inc. (NASDAQ:BLUE) shares are trading higher on Wednesday following the news that Bluebird Bio, Carlyle, and SK Capital Partners, LP, have amended their definitive agreement.

Under the terms of the amended agreement, Bluebird stockholders can elect to receive either the original offer of $3.00 per share in cash plus a contingent value right (CVR) of $6.84 per share in cash payable upon achievement of a net sales milestone or $5.00 per share in cash.

The amended offer price provides an alternative for stockholders who would prefer greater upfront cash consideration instead of the potential upside of the CVR.

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Any shares tendered for which no election is made will receive the original consideration of $3.00 per share in cash and a contingent value right per share.

In May, Carlyle and SK Capital received all required regulatory approvals to complete the transaction, and all parties expect the transaction to be consummated promptly following the successful completion of the ongoing tender offer.

In March, Bluebird received an unsolicited, non-binding written proposal from Ayrmid Ltd. Ayrmid proposed to acquire Bluebird for an upfront cash payment of $4.50 per share and a one-time contingent value right of $6.84 per share payable upon achieving a net sales milestone.

In April, the company said that after three weeks of engagement, including a timeline extension, Ayrmid did not submit a binding proposal to acquire Bluebird and had not obtained the necessary financing.

Price Action: BLUE stock is up 50.3% to $4.98 at the last check on Wednesday.

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