(CercleFinance.com) – Akkadian said Thursday that he did not intend to participate in Erytech’s general meeting to be held tomorrow to allow shareholders to vote on the proposed merger with Pherecydes, at least that the judicial expertise on the terms of the operation will not have been rendered.
In a press release, the investment fund called on Erytech shareholders not to participate in the meeting in order to avoid, in its words, a “massive 50% dilution” of their stake in Erytech.
If the quorum required for holding the extraordinary general meeting is not reached tomorrow, Erytech would be required to convene a meeting on second call in the days or weeks that follow.
According to Akkadian, who judges that the 50/50 merger parity is unfounded, believes that such a postponement would contribute to bringing Pherecydes closer to filing for bankruptcy.
For the record, a judge in chambers recently appointed a legal expert to give his opinion on the retained merger parity, with the obligation to submit his report within four months.
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