Infinity and MEI scrap merger after unsolicited bid, lack of shareholder support

In­fin­i­ty Phar­ma­ceu­ti­cals and MEI Phar­ma axed their all-stock merg­er af­ter the lat­ter re­ceived a lack of share­hold­er sup­port fol­low­ing an un­so­licit­ed pro­pos­al from ac­tivist in­vestors.

The com­pa­nies said Mon­day morn­ing that MEI’s share­hold­ers were near­ly split on the merg­er pro­pos­al, but those against the deal won out: About 2.05 mil­lion shares dis­ap­proved of the com­bi­na­tion, and 1.9 mil­lion shares were cast in sup­port, per an SEC fil­ing. Fol­low­ing Sun­day’s share­hold­er meet­ing, MEI told In­fin­i­ty it was ter­mi­nat­ing the deal since it need­ed stock­hold­er ap­proval.

To read Endpoints News become a free subscriber

Unlock this article instantly, along with access to limited free monthly articles and our suite of newsletters

SIGN UP LOG IN