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Another article in The Times today:
https://www.thetimes.co.uk/article/broker-quits-arix-over-rtw-takeover-875dkcms5
Again ohisay on advfn has cut& pasted. Here's the first part:
"
Broker quits Arix over RTW takeover
Alistair Osborne
Saturday November 11 2023, 12.01am, The Times
Peel Hunt, which has its HQ at 100 Liverpool Street in London, believes the Arix deal is unfair
PEEL HUNT
One of Arix Bioscience’s joint-brokers quit on the morning it announced a contentious takeover deal in protest at its inequitable treatment of shareholders.
Peel Hunt demanded that its name and that of its two healthcare bankers be taken off the release for the sale of the company’s assets to the rival life sciences investment company RTW Biotech.
It resigned with immediate effect hours later.
The investment bank, which had been brought into the deal late in the process, is understood to have told Arix that it could not sanction a deal that discriminated against three quarters of its shareholders to provide a cash exit on better terms to its 25.5 per cent activist investor Acacia Research.
Under the deal, unveiled at the start of this
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Another article today, again spotted by ohisay on advfn:
https://www.thetimes.co.uk/article/arix-bioscience-boards-caribbean-meeting-left-shareholders-flabbergasted-gnxn539zp
"
Arix’s Caribbean meeting left shareholders ‘flabbergasted’
Alistair Osborne
Monday November 20 2023, 12.01am, The Times
An Arix Bioscience board meeting was arranged at a luxury hotel only a few miles from the holiday island of St Vincent
The under-fire chairman of Arix Bioscience held a board meeting in the Caribbean, despite the investment company having no business interests in the region.
Peregrine Moncreiffe — whose contentious deal to sell the life sciences specialist’s assets to RTW Biotech, a rival, triggered the immediate resignation of Peel Hunt as Arix’s joint-broker — chaired a board meeting on the island of Bequia. The outpost, covering only seven square miles and located nine miles from St Vincent, has been dubbed “the Caribbean’s best-kept secret” by Forbes magazine.
Held in February last year, the meeting took place at the luxury Bequia Beach Hotel, a five-star resort where beachfront suites cost $620 a night. The hotel’s publicity speaks of a resort set in “ten acres of beautifully landscaped
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Ends soon.
"
More cut&paste on advfn...
And another :
https://www.thetimes.co.uk/article/thorny-case-for-arix-chief-to-answer-p7xgbm6zs
(And again ohisay on advfn has provided an extract for the unsubscribed.)
Here's the bit visible before the subscription barrier comes down:
"
BUSINESS COMMENTARY
Thorny case for Arix chief to answer
Alistair Osborne
Tuesday December 05 2023, 12.01am, The Times
Corporate deals throw up all sorts of governance questions. But here’s a simple one: should a chairman be more obviously independent before he recommends a transaction that discriminates against three quarters of the shareholders?
It’s the puzzler raised by the delightfully named Peregrine Moncreiffe of that Ilk, the mullet-coiffured Scottish clan leader atop the board of Arix Bioscience. A month ago, he recommended a deal that flouted a crucial tenet of UK corporate life: that all shareholders must be treated equally. Moncreiffe endorsed the sale of all the group’s assets to a rival life sciences investment company, RTW Biotech, saying the transaction was the “best outcome for Arix shareholders”.
Well, maybe for one of them. Under the terms, RTW is buying out Arix’s biggest shareholder
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SGD.
I did write to investor relations about 2-3 weeks ago asking why the directors were in favour of this deal, as I couldnt work it out.
Clearly "other incentives" for the board somewhere.