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:6/24/2016)... Calif. , June 24, 2016  American Respiratory Labs (ARL), ... is now able to perform sophisticated lung assessments in patients, homes, ... , Inc. Patients are no longer limited to ... EasyOne PRO ® , ARL patients like Jeanne R. of ... in the comfort of her own home. ...
(Date:6/24/2016)... LEXINGTON, Mass. , June 24, 2016   ... specialty pharmaceutical company developing innovative inhaled drugs, announced today ... when Russell Investments reconstituted its comprehensive set ... 2016. "This is an important milestone for ... "It will increase shareholder awareness of our progress in ...
(Date:6/23/2016)...  MedSource announced today that it has selected ... of choice.  This latest decision demonstrates MedSource,s commitment ... clients by offering a state-of-the-art electronic data capture ... as the EDC platform of choice in exchange ... has long been a preferred EDC platform by ...
Breaking Medicine Technology:
(Date:6/26/2016)... ... ... PawPaws brand pet supplements owned by Whole Health Supply is ... of felines. The formula is all-natural and is made from Chinese herbs that have ... Kidney Support Supplement Soft Chews are Astragalus Root Extract and Rehmannia Root Extract ...
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... Austin residents ... the American College of Mohs Surgery and to Dr. Russell Peckham for medical and ... highly effective treatment for skin cancer. The selective fellowship in Mohs Micrographic Surgery completed ...
(Date:6/25/2016)... ... , ... As a lifelong Southern Californian, Dr. Omkar Marathe earned his Bachelors ... Geffen School of Medicine at UCLA. He trained in Internal Medicine at Scripps Green ... hematology/oncology at the UCLA-Olive View-Cedars Sinai program where he had the opportunity to train ...
(Date:6/24/2016)... ... June 24, 2016 , ... A recent article published ... unfamiliar with. The article goes on to state that individuals are now more comfortable ... less common operations such as calf and cheek reduction. The Los Angeles area medical ...
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... ... Conference and Scientific Sessions in Dallas that it will receive two significant new ... the grants came as PHA marked its 25th anniversary by recognizing patients, medical ...
Breaking Medicine News(10 mins):