(CercleFinance.com) – Erytech on Monday accused the Akkadian investment fund of conducting a disinformation campaign against it by contesting its proposed merger with Pherecydes on the basis in particular of arguments presented as misleading.
Akkadian, which owns around 5% of Erytech, pleaded last week for an alternative strategy, believing that the proposed merger with Pherecydes underestimated the value of biotech.
In a statement released this morning, Erytech rejects ‘unfounded’ actions which present – according to the company – a risk of destruction of shareholder value and loss of jobs in two companies, as well as the potential loss of a technology of strategic importance in France.
The company also believes that Akkadian has not presented any other valid option.
Erytech underlines that a failure of the merger would only lead to a destruction of value for the company and its shareholders, considering the implementation of an alternative project unlikely due to the complexity and the time required for such projects.
The company goes so far as to mention the possibility of setting up a liquidation process until the total extinction of its resources.
In this context, Erytech reminds its shareholders of the importance of their participation in the general meeting scheduled for June 23 in order to support the merger project.
Listed on the Paris Stock Exchange, the Erytech title yielded 3.5% on Monday, while the Pherecydes share dropped more than 7%.