This is a rare post that makes me want to learn to fish rather than reach for the fish in the author’s basket. Well done.
Love how the proxy background is like a detective's file. My first time skimming one. Guessing Baker Bros (9.9% then and now - good sign) is the "such stockholder" that went activist in June 2024 to help HOOK see the writing on the wall. Then after a longshot merger and PIPE with a UK shite-co fell apart, vultures circled and HOOK got at least one credible offer for a small premium to their cash(?). But then with Gilead’s quasi blocking stake, negotiating an asset sale to them and winding down what's left made more sense.
Yes, the background section is always worth a read. Your read is as good as mine, I think that is about what happened. I don't think Gilead "blocked" an alternative transaction, it's just that they were the natural buyer for the company assets but they weren't interested in buying the whole company and winding it down (it's all chump change to them anyway).
So Gilead and Hookipa came up with the asset transfer plan but due to the transfer plan RemainCo wasn't really attractive for, let's say, Kevin Tang, who could have entertained a cash offer but wasn't going to pay $10m for the company assets.
Ah good point, there was commentary in there about Gilead repeatedly telling Hookipa no, we care only about HB-400 and HB-500, the rest is a headache to us.
Working my way through some of your other quiz q’s now and playing with CourtListener for practice. Cheers writser.
This is a rare post that makes me want to learn to fish rather than reach for the fish in the author’s basket. Well done.
Love how the proxy background is like a detective's file. My first time skimming one. Guessing Baker Bros (9.9% then and now - good sign) is the "such stockholder" that went activist in June 2024 to help HOOK see the writing on the wall. Then after a longshot merger and PIPE with a UK shite-co fell apart, vultures circled and HOOK got at least one credible offer for a small premium to their cash(?). But then with Gilead’s quasi blocking stake, negotiating an asset sale to them and winding down what's left made more sense.
Close? Missing a lot?
Yes, the background section is always worth a read. Your read is as good as mine, I think that is about what happened. I don't think Gilead "blocked" an alternative transaction, it's just that they were the natural buyer for the company assets but they weren't interested in buying the whole company and winding it down (it's all chump change to them anyway).
So Gilead and Hookipa came up with the asset transfer plan but due to the transfer plan RemainCo wasn't really attractive for, let's say, Kevin Tang, who could have entertained a cash offer but wasn't going to pay $10m for the company assets.
Ah good point, there was commentary in there about Gilead repeatedly telling Hookipa no, we care only about HB-400 and HB-500, the rest is a headache to us.
Working my way through some of your other quiz q’s now and playing with CourtListener for practice. Cheers writser.