Nabi infectious, neurology news
Investor Mangrove Partners Fund L.P. sent a letter to Nabi shareholders recommending that shareholders vote against the proposed merger of Nabi and Biota Holdings Ltd. (ASX:BTA, Notting Hill, Australia). The vote is scheduled for Sept. 24 at a special shareholders meeting. Mangrove, which has about a 3.4% stake in Nabi, said the deal will fail to return to Nabi shareholders the underlying value of the company's assets, and that an orderly liquidation would deliver greater value. Mangrove said it believes shareholders can receive a minimum of $1.87 per share in cash through liquidation, compared with "only $1.70 per share in value" that Mangrove estimates Nabi shareholders will receive as a result of the proposed deal. In April, Nabi and Biota said they would merge in a stock deal to form Biota Pharmaceuticals Inc., a U.S.-headquartered company with a NASDAQ listing. Nabi and Biota could not be reached for comment (see BioCentury, April 30). ...