In a release, the company said it adopted a shareholder rights plan in response to an offer from All Blue Falcons FZE to buy the company. (The Logic)
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In a release, the company said it adopted a shareholder rights plan in response to an offer from All Blue Falcons FZE to buy the company. (The Logic)
Talking point: “The rights plan will reduce the likelihood that any entity, person or group gains control of Zymeworks through open market accumulation without paying all shareholders an appropriate control premium,” the company wrote. Last month, Zymeworks rejected an unsolicited proposal from All Blue to acquire the company for $10.50 per share, saying it undervalued the company. The Dubai-based investment fund owned 6.9 per cent of the company as of May 26, SEC disclosures show. Zymeworks’s stock fell this morning after disclosing the poison pill and closed about four per cent lower to $6.11. Its shares traded above $30 for most of 2021 before dropping significantly beginning last August.
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