Are we watching a "hostile takeover" of a liquidatin' company?
Took this off Bloomberg:
"ImmuLogic Stake of 14.75% Acquired by Carl Icahn's High River
Washington, Sept. 7 (Bloomberg) -- An investment group led by financier Carl Icahn acquired a 14.75 percent stake in ImmuLogic Pharmaceutical Corp. and said it has held talks with management about the possibilities of changing plans to liquidate the biopharmaceutical company.
High River LP and its affiliates bought more than 3 million ImmuLogic shares on Aug. 25 for $2.25 apiece in two privately negotiated transactions, according to a Schedule 13D filed with the Securities and Exchange Commission. High River paid $6.76 million for the shares.
The purchases came on the day shareholders voted to liquidate and dissolve the Waltham, Massachusetts-based company. Only days before the vote, Icahn Associates Corp. had sent a letter to ImmuLogic management offering to provide funding for the future growth of the company, the filing said.
``Icahn Associates Corporation, together with its affiliates, has a strong interest in becoming a large stockholder of ImmuLogic and, as an alternative to the liquidation of ImmuLogic, providing funds for the future business and growth of the company which would service to enhance stockholder value,' according to a letter dated Aug. 20. The letter was signed by Russell Glass, president of Icahn Associates.
Its proposal, outlined in the letter, expired Aug. 23.
According to the SEC filing, ``subsequent to the stockholder vote, discussions have continued with management' in order ``to determine whether it is possible to and, if so, how to increase stockholder values, which could under certain circumstances, lead
to the abandonment of the liquidation without affecting (ImmuLogic's) already declared distribution.'
ImmuLogic has licensed products to Heska Corp., a U.S. maker of verterinary drugs, and Sankyo Co. of Japan.
ImmuLogic shares were unchanged today at 7/32. The shares have fallen 82 percent so far this year."
Happy Trades...Kowboy |
