Spencer board OKs buyout

Spencer Pharmaceutical announced today that its board of directors is in favor of the buyout offer at $0.97 per share. The company has requested details from the acquirer as well as timeline and have requested that funds be transferred to an independent escrow agent. The company expects to release the name of the private equity fund on or before Nov. 19, and file appropriate supplemental information on the alternative reporting system of the OTC Markets. Spencer release