Akebia Therapeutics, Inc. today announced that leading independent proxy advisory firm, Glass Lewis & Co., joins Institutional Shareholder Services in recommending that Akebia shareholders vote “FOR” the shareholder proposals relating to the Company’s proposed merger with Keryx Biopharmaceuticals.
In its report dated November 29, 2018, Glass Lewis stated:1
- “Based on the foregoing factors and the unanimous support of the board, we believe there is sufficient procedural, strategic and financial cause for investor support here. Accordingly, we recommend shareholders vote FOR this proposal.”
- “Speaking first to strategic fit, we believe the fundamental underpinnings of the proposed arrangement are both straightforward and sound.”
- “Akebia has, in our view, reasonably elected to partner with another renal disease-focused enterprise with existing sales and marketing infrastructure and an approved treatment.”
Commenting on the reports, Muneer A. Satter, Chairperson of the Akebia Board of Directors, said, “We are pleased that both Glass Lewis and ISS support our proposed combination with Keryx and recommend that Akebia shareholders vote “FOR” the shareholder proposals relating to the merger. Our Board, which unanimously approved this transaction, is confident that merging with Keryx to create a fully integrated renal company provides Akebia with the best opportunity for long-term value creation. We strongly urge all Akebia shareholders to follow the recommendations of ISS and Glass Lewis and vote “FOR” the shareholder proposals relating to the proposed combination with Keryx today.”
The merger of Akebia and Keryx is subject to the satisfaction of various closing conditions, including approval by shareholders of both companies. The special meeting of Akebia shareholders to vote on matters relating to the proposed merger has been scheduled for December 11, 2018. Holders of record of Akebia common stock as of 5:00 p.m. Eastern Time on October 22, 2018, will be entitled to vote at the special meeting.
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The Akebia Board of Directors strongly urges Akebia shareholders to vote “FOR” the Akebia proposals set forth in the definitive proxy statement, including “FOR” the proposal to issue shares of Akebia common stock to Keryx shareholders in relation to the proposed merger today.
Akebia shareholders who have questions or need assistance voting their shares should contact Akebia’s proxy solicitor, MacKenzie Partners, Inc., by calling toll-free at (800) 322-2885 (from the U.S. and Canada) or (212) 929-5500 (call collect from other locations) or via email at proxy@mackenziepartners.com.
Evercore Group L.L.C. and J.P. Morgan Securities LLC are serving as financial advisors to Akebia and Latham & Watkins LLP is serving as legal advisor to Akebia.
Date: December 3, 2018
Source: BusinessWire
