Albireo (ALBO)

[djpope]

Annual Meeting Adjourned (again) until Thursday, November 3

Guess nervous nellies, short term flippers and capital preservationists are bailing. I'm in with a .27 average and will continue to hold till the outcome. No sense in bailing now with the potential merger and possible share price increase so close. To me; It's worth the risk. Gotta be in it to win it.

For the size of the drop the volume isn't that unusually heavy and level II shows more bids than asks.

Best to all dp

http://finance.yahoo.com/news/biodel-announces-intent-further-adjourn-231800003.html

Biodel Announces Intent to Further Adjourn Annual Meeting until Thursday, November 3
[PR Newswire]
October 26, 2016

DANBURY, Conn., Oct. 26, 2016 /PRNewswire/ -- Biodel Inc. (BIOD) ("Biodel") announced today that, assuming it has not received from stockholders sufficient proxies to approve the matters necessary to complete its proposed combination with Albireo Limited pursuant to a previously announced share exchange agreement prior to 8:30 a.m. local time on Thursday, October 27, 2016, it intends to again adjourn its 2016 Annual Meeting of Stockholders ("Annual Meeting"), now scheduled for October 27, 2016, without any business being conducted. In that circumstance, Biodel intends to adjourn the Annual Meeting to 8:30 a.m. local time on Thursday, November 3, 2016, at the offices of Wiggin and Dana LLP, Two Stamford Plaza, 281 Tresser Boulevard, Stamford, Connecticut 06901 (the "Further Adjournment").

Biodel notes the following important considerations.

The Further Adjournment would be intended to allow additional time for stockholders to vote on the proposals set forth in Biodel's definitive proxy statement for the Annual Meeting, filed with the Securities and Exchange Commission on September 19, 2016. As of October 26, 2016, proxies have been submitted by stockholders representing approximately 49.83% of the outstanding shares of Biodel common stock outstanding and entitled to vote at the Annual Meeting, meaning that almost 32.2 million shares remain unvoted.

In particular, the Further Adjournment would be intended to allow additional time for Biodel's stockholders located in Germany and elsewhere in Europe to contact their banks and brokers to request proxy materials and to provide voting instructions to those banks and brokers. There is a significant number of shares that Biodel understands to be held by stockholders in Europe that have not yet been voted.

Biodel reminds all of its stockholders, even those who may have already voted, that the proposed combination with Albireo cannot be completed without approval of both "Proposal No. 1" (share issuance) and "Proposal No. 2" (reverse stock split), each as described further below. Of the proxies received as of October 26, 2016, approximately 94.13% are in favor of Proposal No. 1, and approximately 88.67% are in favor of Proposal No. 2, reflecting widespread support for the combination.

If the proposed combination with Albireo does not close, the Biodel board of directors may decide to sell or otherwise liquidate the various assets of Biodel. If Biodel decides to dissolve and liquidate its assets, there can be no assurances as to the amount or timing of any available cash that may be left to distribute to stockholders after paying the debts and other obligations of Biodel and setting aside funds for reserves. This would also result in the loss of significant effort and expense incurred to date in pursuing the proposed combination with Albireo.

If the Further Adjournment is implemented as intended, Biodel does not anticipate making a further announcement as to the adjournment.

YOUR PARTICIPATION IS IMPORTANT - PLEASE VOTE TODAY!

Please call Morrow Sodali at [phone] or [phone] for voting assistance.

The Annual Meeting has been called for the following purposes: (1) to consider and vote upon a proposal to approve the issuance of shares of Biodel common stock pursuant to the Amended and Restated Share Exchange Agreement, dated as of July 13, 2016, by and among Biodel, Albireo and Albireo securityholders ("Proposal No. 1"), (2) to effect a reverse stock split of Biodel common stock in the ratio of one new share for every 30 shares outstanding ("Proposal No. 2"), (3) to approve a new equity incentive plan for use by Albireo Pharma, Inc. from and after the closing of the proposed transaction, (4) to elect two Class III directors for a term of three years and (5) to consider and vote upon an adjournment of the Annual Meeting, if necessary, to solicit additional proxies if there are not sufficient votes in favor of any of Proposals No. 1-4.

The record date for the Annual Meeting remains September 16, 2016. Biodel stockholders as of the September 16, 2016 record date can vote, even if they have subsequently sold their shares. Biodel's board of directors and management respectfully request all such holders as of the record date to please vote your proxies as soon as possible.

No changes have been made in the proposals to be voted on by stockholders at the Annual Meeting. BIODEL STRONGLY ADVISES ALL OF ITS STOCKHOLDERS TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS RELATING TO THE ANNUAL MEETING BECAUSE THEY CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS ARE AVAILABLE AT NO CHARGE ON THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT WWW.SEC.GOV. In addition, copies of the Proxy Statement and other documents may be obtained free of charge by accessing Biodel's website at www.biodel.com or by contacting Biodel's Corporate Secretary at 203-796-5000 or by mail at Investor Relations, Biodel Inc., 100 Saw Mill Road, Danbury, Connecticut 06810. If the number of additional shares voted is not sufficient to approve the proposals, Biodel intends to adjourn the Annual Meeting again, which may be costly.

Voting Instructions

All stockholders as of the September 16, 2016 record date can vote, even if they have subsequently sold their shares, and Biodel encourages stockholders to do so before November 2, 2016 at 11:59 p.m. Eastern Time. Stockholders are reminded that their vote is extremely important and are urged to complete, sign, date and mail the proxy card at their earliest convenience. Stockholders may also submit a proxy by telephone or via the Internet by following the instructions printed on the proxy card.

About Biodel

Biodel Inc. is a specialty biopharmaceutical company. More information about Biodel is available at www.biodel.com.

Additional Information and Where You Can Find It

Biodel filed a definitive proxy statement with the SEC on September 19, 2016 in connection with the solicitation of proxies for its 2016 Annual Meeting of Stockholders and has mailed the definitive proxy statement and other relevant materials to Biodel's stockholders. At the 2016 Annual Meeting of Stockholders, Biodel's stockholders will be asked to approve, among other things, a proposal for the issuance of Biodel's common stock in the previously announced proposed transaction with Albireo. BIODEL'S STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT IN CONNECTION WITH THE SOLICITATION OF PROXIES FOR BIODEL'S 2016 ANNUAL MEETING OF STOCKHOLDERS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT BIODEL, ALBIREO AND THE PROPOSED TRANSACTION. These documents and other documents filed by Biodel can be obtained free of charge from the SEC's website at www.sec.gov. These documents also can be obtained free of charge by accessing Biodel's website at www.biodel.com or by contacting Biodel's Corporate Secretary at 203-796-5000 or by mail at Investor Relations, Biodel Inc., 100 Saw Mill Road, Danbury, Connecticut 06810.

Participants in Solicitation

Biodel, Albireo, their respective directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies from Biodel's stockholders in connection with Biodel's 2016 Annual Meeting of Stockholders under the rules of the SEC. Information about these participants, and a description of their direct and indirect interests, by security holdings or otherwise, may be found in the definitive proxy statement that Biodel filed with the SEC on September 19, 2016 relating to its 2016 Annual Meeting of Stockholders. The definitive proxy statement was mailed to all stockholders of record as of the record date set for the 2016 Annual Meeting of Stockholders and can also be obtained free of charge from the sources indicated above. Other information regarding participants in the proxy solicitation may be contained in other relevant materials filed by Biodel with the SEC.