In a terse statement Tuesday morning, Quince Therapeutics said its board “unanimously rejected” the unsolicited proposal from Echo Lake Capital and said it “undervalues the company.” The board last week put in place a stock plan meant to defend against an unsolicited takeover, hoping a so-called poison pill would stop shareholders, not in the board’s favor, from buying up large chunks of stock. Echo Lake had offered up $1.60 per share to buy the biotech’s stock because the investment group felt Quince was letting down investors and trading below the value of its assets.
Read the full article: After Setting up Poison Pill, Quince Therapeutics Board Gives Flat-Out Rejection to Unsolicited Buyer //
Source: https://endpts.com/after-setting-up-poison-pill-quince-therapeutics-board-gives-flat-out-rejection-to-unsolicited-buyer