Depotech(depo) Message Board

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Biotech / Medical : Depotech(depo)

DEPO 7.300

+1.7%

Aug 14 5:00 PM EST

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To: Dr. John M. de Castro who wrote (881)	2/22/1999 6:59:00 PM
From: Dr. John M. de Castro	Read Replies (1) of 887

DEPO - SKYEY Merger Proxy Statement is out. The vote is March 8. I received my proxy today. It's over 400 page long. So it might take a while to digest. My first skim over it revealed no surprises. I may change my mind as I read the document. However, at present, I intend to vote "no" on the merger. This is not because a merger with SKYEY wouldn't be a good thing or that I'm not impressed with SKYEY. It is because I believe that it undervalues DEPO. If it weren't for this agreement, DEPO would have taken off after the ODAC approval of DepoCyt. IMHO we'd be looking at substantially over $4 per share. The $4 figure is the approximate value of the deal per share of DEPO given formal FDA approval for DepoCyt. Voting "no" will be a futile gesture. SKYEY controls nearly 25% of DEPO stock and as revealed in the Proxy Statement, they have already voted their share in favor of the merger. This strikes me as close to immoral. They sold sufficient shares to SKYE to insure approval of a deal that markedly favors SKYE. As usual existing shareholders get the shaft. A shaft embedded in Geomatrix to prolong its effect :-( John de C

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