LMNL - Liminal surges 77% on unsolicited buyout bid

2023-04-05 10:21:14 ET

• Nanocap biotech Liminal BioSciences ( NASDAQ: LMNL ) added ~77% in the morning hours Wednesday after announcing an unsolicited non-binding proposal from Structured Alpha LP to obtain the full ownership of the company for $7.50 per share in cash.
• Structured Alpha already owns ~2.0M common shares of Liminal ( LMNL ) or ~64% of the company's outstanding common stock.
• The company has formed a special committee comprising independent board members to evaluate the proposal, which was forwarded to the LMNL's director board after the market close on Wednesday. The committee is also tasked with evaluating any other alternatives available for the company.
• "The Company's board of directors will review the Proposal to determine the course of action that it believes is in the best interest of the Company," Liminal ( LMNL ) said.
• Wall Street has remained bearish on Liminal ( LMNL ) stock, with an average rating of Sell from analysts, while, Seeking Alpha's Quant System, which consistently beats the market, rated LMNL as a Hold.

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