MEI Pharma up after board rejects unsolicited buyout bid

Lite Strategy

01/06/2023 13:52

** Shares of cancer therapy developer MEI Pharma Inc
 MEIP.O  rise 3.3% to $7.95 premarket 
    ** Co says its board of directors has rejected an
unsolicited acquisition proposal from an investor group led by
Anson Funds Management LP 
    ** Says board concluded that the unsolicited proposal
significantly undervalues the company
    ** Co confirmed on Tuesday about Anson Funds-led group's bid
to acquire MEI for not less than $8 per share in cash, plus a
contingent value right
    ** At $8/shr, the proposal values the co at around $53 mln,
according to number of shares outstanding as of May 8 
    ** Co added on Thursday that the proposal "is not superior"
to its proposed merger deal with Infinity Pharmaceuticals, which
the companies announced in February  
    ** As of last close MEIP shares up ~58% this year 

 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))