IOMAI shareholders approve acquisition by Intercell
Iomai shareholders voted in favour of the acquisition at the special shareholder meeting
Intercell AG announced that the acquisition of Iomai by Intercell has been approved by the shareholders of Iomai in a special meeting which was held at Iomai's offices in Gaithersburg, MD. The merger was approved by 99,97 % of the votes cast - corresponding to more than 71% of the outstanding shares entitled to vote at the special meeting. After this important condition for the acquisition has been met, the closing of the transaction is expected within the next few days.
Iomai and Intercell AG entered into an Agreement and Plan of Merger (the Merger Agreement) whereby Iomai agreed to be acquired by Intercell AG subject to the terms and conditions of the Merger Agreement. Under the terms of the Merger Agreement, Intercell will acquire Iomai for USD 6.60 per share of Iomai's common stock representing a fully diluted equity value of Iomai of approximately USD 189 million (EUR 122 million). Iomai's public shareholders, representing approximately 59 percent of Iomai's outstanding common stock will receive cash. Certain of Iomai's largest shareholders (and their affiliates), together representing approximately 41 percent of Iomai's outstanding common stock, agreed to exchange their shares for Intercell stock at an exchange ratio corresponding to a value of USD 6.60 per share of Iomai common stock upon closing.
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