Radoff-JEC Bids $2.55/Share for Seer, CEO Counters at $2.45 in Escalating Takeover Battle
SEER sits 42% above its 52-week low of $1.55.
Summary
Seer received a revised unsolicited bid from the Radoff-JEC Group at $2.55 per share in cash plus a contingent value right, topping the CEO's revised $2.45 per share offer with two CVRs. This follows a months-long proxy fight and the board's rejection of the CEO's earlier $2.45 bid as inadequate. The new Radoff-JEC price represents a 16% premium to the last close and intensifies the bidding war for the struggling proteomics company. The Special Committee will evaluate both proposals alongside other alternatives. With the annual meeting just concluded and proxy advisors backing Radoff-JEC nominees, the board is under pressure to maximize value.
At the time of this announcement, SEER was trading at $2.20 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $114M. The 52-week trading range was $1.55 to $2.41. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.