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Aussie Court Battle Reveals Progen Offered Pay For Avexa Merger Votes

This article was originally published in PharmAsia News

Executive Summary

Progen Pharmaceuticals of Australia apparently offered to pay shareholders for their votes in support of a merger with Avexa, according to information in a federal court case. At issue are conflicting schedules for shareholder meetings to decide on the Progen-Avexa merger. Progen scheduled a March 11 meeting of its shareholders to vote on the proposal, while Cytopia, an Avexa competitor, is in court seeking to delay the meeting until March 27, after it has had a chance to present its own resolution to oust Progen's board. According to court documents, Progen had offered to pay a broker a fee for all proxies that supported the merger. (Click here for more
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