Published on January 9, 2010 at 4:02 AM
CPEX Pharmaceuticals, Inc. (NASDAQ: CPEX) today confirmed that Arcadia
Capital Advisors, LLC and its principal Richard Rofé, who hold
approximately 12% of outstanding shares, have filed with the Securities
and Exchange Commission (SEC) notice of intention of Mr. Rofé to make an
unsolicited contingent offer to purchase the remaining shares of common
stock of CPEX for $14.00 per share. Mr. Rofé indicated that any offer
would require the CPEX Board of Directors to redeem the Rights under
CPEX Shareholder Rights Plan.
CPEX’s Board of Directors, consistent with its fiduciary duties and in
consultation with its financial and legal advisors, will carefully
consider Arcadia’s notice of intent. CPEX stated that no offer has been
made and that shareholders do not need to take any action now. Following
its consideration of the situation, the CPEX Board of Directors will
advise shareholders as to what course of action, if any, should be
undertaken.
Source CPEX Pharmaceuticals