Sorrento Therapeutics, Inc. (Nasdaq: SRNE, “Sorrento”), after reviewing the latest acquisition proposal in consultation with its advisors, Sorrento’s Board of Directors (the “Board”) determined that the latest non-binding proposal received on January 9, 2020 from a private equity fund to acquire a majority or all of the issued and outstanding shares of the company for “up to $7.00” per share significantly undervalues the company and is not in the best interest of the shareholders. Accordingly, the Board unanimously rejected the acquisition proposal.
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Source: https://www.globenewswire.com/news-release/2020/01/27/1975329/0/en/Sorrento-Board-Rejects-Latest-Acquisition-Proposal.html