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ARTICLE | Company News

CPEX, Arcadia Capital Advisors LLC deal

May 17, 2010 7:00 AM UTC

CPEX's board unanimously recommended that shareholders reject a $16 per share unsolicited tender offer from private equity firm Arcadia Capital stating the offer is inadequate and undervalues the company. The board also said it would explore strategic alternatives, including the sale or merger of the company or monetization of CPEX's assets, including rights to milestone and royalty payments. The board said it will announce results of the strategic alternatives process in the third quarter. ...