MEI Pharma issues statement in response to disclosure by Anderson and Cable Car

MEI Pharma issued a statement in response to the disclosure made by Anson Advisors and Cable Car Capital. The statement began: “Anson and Cable Car reiterated their formerly disclosed, unsolicited and non-binding proposal that our Board of Directors previously reviewed and rejected. The Board determined that the proposal provides no basis for futher discussions with them regarding an alternative transaction. We believe that the proposal and Anson and Cable Car’s subsequent disclosures, including today’s press release, are nothing more than an attempt to acquire the Company and our cash on hand without paying an appropriate premium to do so. In addition, we believe that the proposal would deprive the Company’s stockholders of the opportunity to participate in the potential upside associated with the Company’s existing programs as well as the further upside potential of the proposed transaction with Infinity Pharmaceuticals. We encourage our shareholders not to be confused by Anson and Cable Car’s latest press release. Instead, shareholders should keep these facts in mind: The proposal by Anson and Cable Car significantly undervalues the Company. As part of its review, which included multiple factors, the Board, in consultation with the Company’s financial and legal advisors, noted that the proposal was at a significant discount to the Company’s cash position.” The letter ended, “The recommendation by the MEI Board to proceed with the pending Infinity transaction remains unchanged”. Stifel is serving as financial advisor to MEI Pharma and Morgan Lewis is serving as legal counsel.