Nabi Biopharma (NABI) Waives Condition in $23M Common Tender
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Nabi Biopharmaceuticals (Nasdaq: NABI) reports that, in connection with its previously announced tender offer (for up to $23 million in value of its common stock at a price per share not less than $1.58 and not greater than $1.72), that it is waiving the following condition to the tender offer: that no event or circumstances exist that would be reasonably likely to cause the Company to determine that it will not have a net closing cash balance in excess of $54 million immediately prior to the completion of the proposed transaction between the Company and Biota Holdings Limited ("Biota"). As previously disclosed, under the merger implementation agreement with Biota, the Company is required to have a net closing cash balance of at least $54 million at the closing of the transaction.
This condition is not being waived as a result of any amendments or modifications to the merger implementation agreement with Biota. Rather, it is being waived because the Company believes that it will have a sufficient amount of cash on hand to complete the tender offer and pay for any shares thereunder, as well as satisfy the $54 million net closing cash balance requirement at the closing of the transaction with Biota. The $54 million net closing cash balance requirement has not been amended or modified and remains a condition to the closing of the transaction with Biota.
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This condition is not being waived as a result of any amendments or modifications to the merger implementation agreement with Biota. Rather, it is being waived because the Company believes that it will have a sufficient amount of cash on hand to complete the tender offer and pay for any shares thereunder, as well as satisfy the $54 million net closing cash balance requirement at the closing of the transaction with Biota. The $54 million net closing cash balance requirement has not been amended or modified and remains a condition to the closing of the transaction with Biota.
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