Avid Bioservices (NASDAQ:CDMO) rose 1.6% as a holder said that it's opposed the planned $12.50 a share sale to GHO Capital Partners and Ampersand Capital Partners.
Punch & Associates, which has a 4.5% stake in Avid Biosciences (CDMO), said the acquisition "materially undervalues" the company and "is opportunistically timed to take advantage of trough valuations and a likely inflection in the fundamentals of the business," according to a letter sent to Avid's board on Thursday.
Punch, which has been an investor in Avid (CDMO) since September 2020, said it plans to vote against the sale.
On Wednesday, Avid holder Brock Pond Capital Partners also said it doesn't plan to vote for the transaction as it significantly undervalues CDMO, according to a statement on Wednesday.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.