MEI Pharma rejects unsolicited bid to take company private
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- MEI Pharma's (NASDAQ:MEIP) board has rejected an unsolicited offer from a group wanting to take the company private.
- The board said that the bid "significantly undervalues the Company, is not superior to the proposed transaction with Infinity Pharmaceuticals, Inc. (INFI) and does not provide a basis for discussions regarding an alternative transaction."
- A group headed by Anson Advisors and Cable Car Capital on May 30 offered not less than $8 in cash per share as well as a contingent value right to receive 80% of the net proceeds payable from any license or selling of the Company’s clinical assets.
- The MEI (MEIP) and Infinity (INFI) merger is expected to close mid year.