BioCentury
ARTICLE | Company News

Avexa, Cytopia, Progen deal

February 2, 2009 8:00 AM UTC

Cytopia and a group of other Progen shareholders are seeking to replace Progen's board with a slate of three independent directors, merge the two companies and offer a buyback of 100% of Progen shares at A$1.10. Details of the merger proposal were not disclosed. The shareholders requested that the board, merger and buyback proposals be discussed at a general meeting in March, when a previously proposed merger with Avexa is to be considered.

Avexa proposed to merge with Progen in December in a stock deal following a buyback of Progen shares at A$1.10 up to a total of A$20 million. Based on $60.4 million shares outstanding, only 30% of shares could be bought under that proposal. ...