MEIP - Proxy advisor ISS recommends MEI Infinity shareholders approve merger

2023-07-05 15:27:46 ET

Proxy advisory firm Institutional Shareholder Services has recommended that MEI Pharma ( NASDAQ: MEIP ) and Infinity Pharmaceuticals ( NASDAQ: INFI ) shareholders vote in favor of a planned merger between the two companies.

MEI and Infinity shareholders are expected to vote on the deal at a special meetings on July 14, both companies said.

The ISS opinion comes in the wake of an unsolicited offer by MEI shareholders Anson Advisors and Cable Car Capital to buy the company for $8 per share, plus a contingent right value to receive 80% of net proceeds from any license or disposition of clinical assets. The firms together hold 14.8% of MEI's common shares.

MEI has since rejected Anson and Cable Car's offer, stating that it was not superior to the Infinity deal.

In February, Infinity and MEI announced plans to merge in an all-stock deal that would have Infinity become a subsidiary of MEI. After the closing, MEI shareholders would hold a 58% stake in the combined company, with Infinity shareholders owning the rest. The combined company is expected to operate under a new name, with shares listed on Nasdaq.

More on MEI/Infinity:

• MEI Pharma again rejects large shareholders' opposition to Infinity merger
• MEI Pharma CEO Daniel Gold to depart, David Urso to succeed
• Spurned MEI Pharma private suitors call rejection 'derogation of fiduciary duties'
• MEI Pharma receives unsolicited acquisition proposal; up 10%
• MEI Pharma and Infinity Pharma ink all-stock merger deal

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