Infinity and MEI scrap merger after unsolicited bid, lack of shareholder support
Infinity Pharmaceuticals and MEI Pharma axed their all-stock merger after the latter received a lack of shareholder support following an unsolicited proposal from activist investors.
The companies said Monday morning that MEI’s shareholders were nearly split on the merger proposal, but those against the deal won out: About 2.05 million shares disapproved of the combination, and 1.9 million shares were cast in support, per an SEC filing. Following Sunday’s shareholder meeting, MEI told Infinity it was terminating the deal since it needed stockholder approval.
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