Immunomedics Outlines Revised Settlement Offer Rejected By venBio; Announces Actions That Are In The Best Interests Of All Stockholders
IMMUNOMEDICS (IMMU)
Last immunomedics earnings: 2/27 04:00 pm
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US:NASDAQ Investor Relations:
immunomedics.com/2017/immunomedics-announces-presentations-investor-event-2017-san-antonio-breast-cancer-symposium
Company Research
Source: PR Newswire
MORRIS PLAINS, N.J., March 2, 2017 /PRNewswire/ -- Immunomedics, Inc. (NASDAQ: IMMU) ("Immunomedics" or "the Company") today announced that the Company offered venBio Select Advisor, LLC ("venBio") a revised settlement proposal in connection with the Company's 2016 Annual Meeting of Stockholders, which venBio has rejected. The settlement proposal consisted of the following terms, along with other customary provisions:The immediate appointment of all four of venBio's nominees to the Immunomedics Board of Directors to join four of Immunomedics' director nominees; Jason Aryeh, Vice Chairman of the Board, and under the previously announced leadership succession plan, Chairman as of June 30, 2017, has offered to step down immediately in order to facilitate a stockholder-friendly settlement; and The previously initiated formal search for a new Chief Executive Officer would continue under the new Board.The Immunomedics Board has made numerous, generous and constructive settlement proposals t
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