Brief: Alpha Holdings Makes Superior, $39.3 Million Offer To OncoSec

AlphaChips

14/01/2020 13:50

Jan 14 (Reuters) - Alpha Holdings Inc  117670.KQ :
    * ALPHA HOLDINGS MAKES SUPERIOR, $39.3 MILLION OFFER TO
ONCOSEC
    * ALPHA HOLDINGS - DELIVERED BINDING TERM SHEET TO BOARD OF
ONCOSEC CONTAINING DETAILED ALTERNATIVE PROPOSAL FOR THEIR
CONSIDERATION
    * ALPHA HOLDINGS - PROPOSAL REPRESENTS ADDITIONAL $9.3
MILLION OF
VALUE COMPARED WITH $30 MILLION TAKEOVER OFFER FROM CHINA GRAND
    * ALPHA HOLDINGS - UNDER BINDING TERM SHEET TERMS, CO TO
COMMENCE
$9.3 MILLION ALL-CASH TENDER OFFER TO BUY 35% OF COMMON STOCK OF
ONCOSEC AT $2.50/SHARE
    * ALPHA HOLDINGS - UNDER BINDING TERM SHEET TERMS, ALPHA
WOULD
PURCHASE 2 TRANCHES OF NEWLY ISSUED COMMON STOCK OF ONCOSEC FOR
$30 MILLION
    * ALPHA HOLDINGS INC - TERMS OF ALPHA'S OFFER HAVE NO
FINANCING
CONTINGENCY
    * ALPHA HOLDINGS - CO'S OFFER REQUIRES TERMINATION OF 2
STOCK
PURCHASE AGREEMENTS, BETWEEN ONCOSEC & CHINA GRAND & ONCOSEC
SIRTEX MEDICAL US HOLDINGS
    * ALPHA HOLDINGS - TERMS OF ALPHA'S OFFER REQUIRE
TERMINATION OF
LICENSE AGREEMENT, DATED OCTOBER 10, 2019, BETWEEN ONCOSEC AND
CHINA GRAND
    * ALPHA HOLDINGS - TERMS OF ALPHA'S OFFER REQUIRE
TERMINATION OF
SERVICES AGREEMENT, BETWEEN ONCOSEC AND SIRTEX MEDICAL US
HOLDINGS
    * ALPHA HOLDINGS - CO'S OFFER REQUIRES TERMINATION OF ALL
SEVERANCE PAYMENTS TO CURRENT MEMBERS OF ONCOSEC MANAGEMENT DUE
TO CO'S PROPOSED TRANSACTION
    * ALPHA HOLDINGS - TERMS OF ALPHA'S OFFER REQUIRE
RESIGNATION OF
DAN O'CONNOR, AVTAR DHILLON AND PUNIT DHILLON FROM ALL POSITIONS
HELD AT ONCOSEC
    * ALPHA HOLDINGS - UPON CLOSING OF TENDER OFFER, ALPHA WOULD
HAVE
RIGHT TO APPOINT 3 ADDITIONAL DIRECTORS TO ONCOSEC BOARD

Source text for Eikon:  ID:nBw3hNBNma 
Further company coverage:  117670.KQ 

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