MREO - Mereo BioPharma management slams activist group after rejecting latest proposal

• Rubric Capital Management rejected an offer from Mereo BioPharma Group ( NASDAQ: MREO ) to put a Rubric principal and another director on the company's board.
• Mereo ( MREO ) also said its offer included having two of its current board member retire.
• The biotech criticized Rubric for rejecting the offer, failing to provide a counteroffer, and instead waging a proxy campaign.
• "The Company would prefer to avoid the distraction and expense of a proxy contest and is surprised that Rubric is refusing to discuss any resolution other than one that involves Mereo ( MREO ) acceding to Rubric’s full demands," Mereo's ( MREO ) board said in a statement.
• Earlier this month, Rubric, which says it it has a 14% ownership stake in Mereo ( MREO ), called for a general shareholder meeting to vote on its proposals to improve the company .

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