Progenics Pharmaceuticals (PGNX +4.9%) is sending a letter to shareholders urging them to revoke any consents they may have submitted to activist investor Velan Capital LP and to defer sending Velan any consents until they have the opportunity to read the preliminary S-4 detailing the rationale for its acquisition by Lantheus Holdings (LNTH -1.2%) announced a month ago.
Velan opposes the deal calling it “value-destructive” considering its “massive discount.”
It notified shareholders that the deadline for its consent solicitation is Friday, November 8, but the company says the real deadline is actually November 17 which will allow stockholders enough time to read the S-4 since it plans to file the document before then (but apparently after November 8).
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