(AOF) – Akkadian Partners “says no to the liquidation of Erytech in the event of failure of the merger with Pherecydes”. “It’s a scandal” continues the activist fund, to impose on shareholders a choice between a merger for the benefit of a company, Pherecydes, “whose activity is totally foreign to the activity of Erytech” “to a totally unbalanced parity at the expense of the shareholders of Erytech and for the benefit of the shareholders of Pherecydes”, or “the dissolution and pure and simple liquidation” of Erytech.
Akkadian denounces the “unbearable moral pressure” that the directors of Erytech and the members of its Board of Directors intend to exert, who “do not hold any significant stake” in the company, on the magistrate seized of the request made by Akkadian Partners on the appointment of a legal expert and on the shareholders of Erytech by indicating at the end of their press release that if the shareholders vote against the merger with Pherecydes, the board of directors and management will put Erytech in a liquidation state.
For Akkadian Partners “it is indeed the merger with Pherecydes which signs the death warrant of Erytech” which has “largely the financial means to maintain itself and to develop in the absence of a merger”. The fund denounces a “scorched earth policy which consists of disappearing due to an unbalanced merger or disappearing due to the liquidation of its resources”.
If the Board of Directors and the management intend, in the event of failure of the merger, to dissolve and liquidate Erytech, Akkadian Partners proposes to them, “as a reasonable alternative and concerned with the respect of the shareholders”, to resign – purely and simply – and to “leave it to Akkadian Partners to submit the appointment of a new Board of Directors likely to allow the maintenance and future development of Erytech”.