MEI Pharma Board Of Directors Rejects Unsolicited Proposal; Concluded That The Unsolicited Proposal Significantly Undervalues The Company
Portfolio Pulse from Happy Mohamed
MEI Pharma's Board of Directors has rejected an unsolicited proposal from a group represented by Anson Advisors Inc. and Cable Car Capital LLC to acquire all outstanding shares of MEI for not less than $8.00 in cash per share. The Board concluded that the proposal undervalues the company and is not superior to the proposed transaction with Infinity Pharmaceuticals.
June 01, 2023 | 12:17 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
MEI Pharma's Board rejected an unsolicited acquisition proposal, stating it undervalues the company and is not superior to the proposed transaction with Infinity Pharmaceuticals.
The rejection of the unsolicited proposal indicates that the Board believes the company is worth more than the proposed $8.00 per share. This could have a neutral impact on the stock price, as the market may have already priced in the potential acquisition. The Board's preference for the Infinity Pharmaceuticals deal may also be seen as a positive sign for the company's future prospects.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100