Symetryx ups Check-Cap offer to $4.60 per share, urges engagement

Symetryx announced an increase in price per share for its non-binding proposal to acquire common shares of Check-Cap. Symetryx revised the on-binding proposal to pay $4.60 per Check-Cap common share in cash, up from its prior offer of $4.35 per share. Symetryx said it has continued buying common shares of Check in the market and has increased its position following its July 18 press release. To date, the Check board “has not responded to Symetryx’s request to communicate with us and allow us to begin due diligence as outlined in the July 18 Press Release,” the company said in a statement. Symetryx repeats its request to the Check board to “immediately engage in communications with the Symetryx Board of Directors and executive management. If the Check Board does not engage in communications with Symetryx regarding our non-binding offer, Symetryx may consider commencing a tender offer directly to Check shareholders in accordance with U.S. federal securities laws, rules, and regulations.” Symetryx said its non-binding proposal is “contingent upon a number of conditions,” including immediate engagement by and with the Check board, completion of satisfactory due diligence, and obtaining satisfactory financing arrangements. It urges the Check board “to enter a non-disclosure agreement with Symetryx and allow us to commence due diligence as soon as possible.” Symetry adds, “We may withdraw our non-binding proposal at any time without notice. We believe that the Symetryx non-binding proposal might create substantial value for Check shareholders.”