ALTH $1.41.. Termination news ; halted briefly.
9:27AM Allos Therapeutics confirms termination of merger agreement with AMAG Pharmaceuticals (ALTH) 1.46 : ALTH confirms that the Agreement and Plan of Merger and Reorganization entered into by and among Allos, AMAG and Alamo Acquisition Sub on July 19, 2011, as amended on August 8, 2011, has been terminated. The Merger Agreement was terminated following the October 21, 2011, special meeting of AMAG stockholders at which AMAG's stockholders voted against the issuance of shares of AMAG common stock to Allos' stockholders in the proposed merger. Separately, a majority of Allos' stockholders voted in favor of the adoption of the Merger Agreement at a special meeting of Allos stockholders also held on October 21, 2011. (Stock is halted) See our 9:11 comment for more color.
9:11AM AMAG Pharma announced results from today's meeting, at which a proposal to approve the issuance of shares of AMAG common stock to the stockholders of Allos Therapeutics (ALTH) in connection with the merger with Allos did not receive the necessary votes to be adopted (AMAG) 13.64 : In accordance with the terms of the merger agreement with Allos, AMAG will terminate the merger agreement and pay Allos $2 million to cover expenses Allos has incurred related to the proposed transaction. "AMAG's Board and management team have had a constructive dialogue with our stockholders over the past three months and we value their perspectives...While our strategy of adding products to our portfolio to leverage our infrastructure is important to our long-term success, we are committed to pursuing all opportunities to enhance stockholder value."
