Navigation Links
Mangrove Partners Proposes Fully-Financed Dividend Recapitalization to Board of CPEX Pharmaceuticals, Inc.
Date:3/14/2011

NEW YORK, March 14, 2011 /PRNewswire/ -- Mangrove Partners, owners of 149,373 shares representing approximately 5.71% of the outstanding shares of CPEX Pharmaceuticals, Inc. (Nasdaq: CPEX), today announced that it has sent a term sheet for a fully-financed dividend recapitalization to CPEX's Board of Directors to be implemented through a backstopped rights issue. Mangrove Partners estimates the consideration to shareholders at $34.73 per share, composed of a $28.00 per share special dividend, a tradable right, and ongoing ownership in the stock of CPEX. The financing commitments for the recapitalization are subject to the completion of customary confirmatory due diligence and definitive documentation, a process that Mangrove Partners believes could be completed in as little as two weeks with full cooperation from CPEX. The full letter and term sheet will be filed as exhibits to Mangrove Partners' 13D.

Mangrove Partners intends to vote against the proposed merger between CPEX and FCB I and continues to believe better alternatives are available to shareholders, most notably the fully-financed dividend recapitalization it has today presented to CPEX's Board of Directors.

Mangrove Partners has no current intention of proposing a control transaction for CPEX or of nominating any candidates to CPEX's Board of Directors. While any decision regarding management will be a matter for CPEX's Board of Directors, Mangrove Partners has no current intention of opposing leaving current management in place. Mangrove Partners urges CPEX's Board of Directors to consider its letter and attached term sheet as a friendly proposal to achieve maximum value for CPEX's stockholders.

Investors with questions concerning our reasons for voting against the merger should call Steven C. Balet or Geoff Sorbello at Okapi Partners LLC, which is advising Mangrove Partners, toll free at 1-877-285-5990.


'/>"/>
SOURCE Mangrove Partners
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Mangrove Partners Responds to Erroneous CPEX Assertions
2. Harvard Medical School-Partners HealthCare Center for Genetics and Genomics Successfully Completes Evaluation of AutoGenomics 2C9-VKORC1 Panel to Assess Warfarin Sensitivity
3. Multiple Myeloma Research Consortium (MMRC) Partners with Novartis to Advance Phase II Study of Deacetylase Inhibitor
4. Harvard Medical School-Partners HealthCare Center for Genetics and Genomics Successfully Completes Evaluation of AutoGenomics 2C9-VKORC1 Panel to Assess Warfarin Sensitivity
5. HistoRx and Radiation Therapy Oncology Group Initiate Brain Tumor Biomarker Research Partnership
6. The Leukemia & Lymphoma Society and Cleveland Clinic Taussig Cancer Institute Announce Groundbreaking Partnership to Accelerate Drug Approvals
7. PDHI Launches ConXus Rewards, Announces Partnership With Hallmark Insights to Support Incentive-Driven Wellness Programs
8. UNICEF Partners With Causes on Facebook to Launch Charity Gift Feature
9. HealthMedias Strongest Single Quarter Results: Growth Driven by Product Enhancements, New Partnerships
10. iCAD Announces Partnership for Initiating Clinical Testing of Its Virtual Colonoscopy CAD Product
11. Catalyst Pharmaceutical Partners Begins Enrollment for Its U.S. Phase II Clinical Trial of CPP-109 in Patients with Cocaine Addiction
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/8/2016)... MOINES, Iowa , Dec. 8, 2016 /PRNewswire/ ... a pharmaceutical company advancing technologies designed to address ... appointment of Chitra Edwin , Ph.D., RAC, ... Compliance. Dr. Edwin will provide leadership for all ... for regulatory approvals, preparation of regulatory submissions, serving ...
(Date:12/7/2016)... 7, 2016 KEY FINDINGS ... such as reducing loss of blood during surgeries, ... arrests, rapid recovery after surgeries, and decreasing risks ... segmented into convective warming system, surface warming systems, ... reduce the stay at hospitals thus, lowering the ...
(Date:12/7/2016)... , Dec 7, 2016 Research and Markets ... and End User - Global Forecast to 2021" report to their ... , , ... 2.12 Billion by 2021, growing at a CAGR of 7.3% during the ... the growing prevalence of cancer and rapidly increasing geriatric population across the ...
Breaking Medicine Technology:
(Date:12/8/2016)... , ... December 08, 2016 , ... ... services to families and business owners in and around central Kansas, is joining ... to at-risk youth in the region. , Headquartered in Wichita, Youth Horizons works ...
(Date:12/7/2016)... Wisconsin (PRWEB) , ... December 07, 2016 , ... Kenall ... extraordinary new MedMaster™ MPCNGX . The MPCNGX is a multi-function, sealed, LED luminaire ... right amount of light where and when it’s needed. , A 2’ ...
(Date:12/7/2016)... PHILADELPHIA, PA (PRWEB) , ... December 07, 2016 ... ... story of a women growing up with a schizophrenic mother in a unique, ... social worker who specializes in treating trauma and addictive disorders at her private ...
(Date:12/7/2016)... Fernando Valley, CA (PRWEB) , ... December 07, 2016 , ... ... can be used in several ways to restore a more youthful appearance to the ... , now offer Sculptra, along with a variety of other treatments, to rejuvenate and ...
(Date:12/7/2016)... ... December 07, 2016 , ... When it came time to blow out his candles on ... later, the Pediatric Heart Transplant team at Joe DiMaggio Children’s Hospital surprised his ... the hospital’s 30th heart transplant recipient. , “He was playing at home, when we ...
Breaking Medicine News(10 mins):