January 22, 2016 1:18pm

Astellas Pharma has until 5 p.m. tonight to buy at least half the shares of OCAT, the threshold needed for it to complete its proposed acquisition ...

 

Will it go through ... subscribe, You’re just 1 click away from investing better … http://www.regmedinvestors.com/create-account 


 

Tonight’s deadline is the second for Astellas Pharma, which is facing an unprecedented backlash from OCAT shareholders who are refusing to sell for the $8.50 per share price <$379M> being offered.

 

Roland Bracken, an investor from Lake Jackson, Texas, has written and posted online a list of more than 20 “unanswered questions” for OCAT’s CEO, Paul Wotton, on behalf of investors. Many of the questions revolve around what he says is a lack of communication with shareholders and a seemingly sudden reversal of the company's plans to grow into a full commercial company and “own the eye.” The plan also runs counter to OCAT's decision last summer to increase its number of shares outstanding for the purposes of granting them to employees.

 

Astellas has extended, through its indirect wholly-owned subsidiary Laurel Acquisition Inc., the offering period of the tender offer to purchase all issued and outstanding shares of common stock of Ocata for a price of $8.50 per share, net to the holder in cash until 5:00 pm, U.S. ET, on February 9, 2016. 

 

The Bottom line; Shareholders have contended that OCAT’s management and BOD are selling the company’s longtime shareholders for short dollars by agreeing to the merger.

Says … a lot for CEO Paul Wotton’s tutelage, management style and respect for his stakeholders since awarding himself – all those shares. Where is this BOD?

A gift for lawyers IF … the back story comes out!

 

OCAT is UP +$0.08 to $8.43. The probability is that the acquisition will go through but, Wotton’s reputation is also through!