DO NOT rush to tender
$Adverum Biotechnologies(Delisted) (ADVM.US)$ largest shareholder feels angry. He might take actions. Braden Michael Leonard, a very successful veteran of equity market since 1995, estimate to have at least 250M net worth based on sec filings under this name, controlling 15.5% of shares feel really bad. Even that rich, his position is huge. He definitely has reasons and resources to do something.
So at least wait until Dec 1st to see if party A or Leonard will offer better price. It is very rare largest shareholder is not part of the deal. Deadline of tender offer is Dec 4. With and without tendering the shares, you get and should get the same cash and CVR. (Otherwise we can sue LLY for fail to deal farely). However, LLY threats if the deal fails, they might delist ADVM (so they can buy shares unfairly cheap from OTC).
Problem is, if they don’t sell, they need heavy equity issuing, anyway we lose money.
Another case of corrupted directors f shareholders for their tiny personal interest… Also interesting they do tender offer in a bad price. First CVR is not decent. Second CVR is too hard to archive, the technology is worthy that much market. But yearly revenue for this very treatment, no way.
“The terms of the merger the Adverum Board has struck with Eli Lilly are underwhelming and highly disappointing. BML believes this is the result of a flawed process that lacked a proper sense of urgency, several strategic errors on behalf of management and the Board, and generally poor decision making that lacked common sense throughout the entire process.
At this point, BML does NOT plan on tendering its 15.5% of total outstanding shares, based on the unfavorable terms of this current deal.”
At this point, BML does NOT plan on tendering its 15.5% of total outstanding shares, based on the unfavorable terms of this current deal.”
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
个人投资观点。是CFA持证人、FRM持证人。没有FINRA执照，主业不是投资。不代表供职的机构（我也看不到）。
316
Followers
21
Following
2202
Visitors
Follow