NABI Biopharma: Mangrove Partners agrees to support amended transaction between Nabi Biopharmaceuticals and Biota Holdings (NABI) 1.79 : The Mangrove Partners Fund,one of the largest stockholders of Nabi Biopharmaceuticals (NABI), announced that it is pleased that Nabi Biopharmaceuticals has responded to the concerns of its stockholders by amending the terms of the Transaction between Nabi Biopharmaceuticals and Biota Holdings. The amended Transaction now returns greater cash to Nabi stockholders and provides increased certainty through the use of a collar mechanism to protect against drops in the price of Biota shares. Mangrove believes that the total expected value of the revised transaction is ~$1.99 per share, which is comprised of $1.04 per share in cash and the equivalent value of $0.95 per share based on Biota stock price. They believe that this potentially represents a 17% premium to the terms of the original Transaction using Biota's stock price as of the close on September 18, 2012. In summary, Mangrove says improved transaction terms are in best interest of Nabi Stockholders and will vote in favor of all transaction proposals at upcoming special meeting. Additionally, Mangrove terminates Proxy Solicitation in opposition to the transaction.
