LOS ANGELES--(BUSINESS WIRE)--Puma Biotechnology, Inc. (NYSE: PBYI) (“Puma” or the “Company”) today
announced that ISS, the leading independent proxy advisory firm,
recommends that Puma shareholders revoke all consents on the BLUE
Consent Revocation Card thereby rejecting the consent solicitation by
Fredric Eshelman, who owns less than 1.0% of the Company’s shares.
In its December 22, 2015 report, ISS concluded*:
“Shareholder support for a dissident campaign that rapidly evolved
from a request for information to an urgent consent solicitation demands
an argument significantly more compelling than the case presented thus
far. In light of Puma's recent board additions and the fact that the
company is currently in a critical stage of its strategic plan, a change
to the board composition – particularly a near-doubling of the current
board size – does not appear prudent at this stage. As such,
shareholders should support the board's request to REVOKE CONSENT.”
“We welcome the support of ISS,” said Alan H. Auerbach, Chief Executive
Officer and President of Puma. “This recommendation reaffirms our strong
belief that Puma’s board is best positioned to build value for all of
Puma’s shareholders. Eshelman’s actions are not in the best interests of
Puma’s shareholders. We are thankful for all of the continued support we
have received from our shareholders.”
The Company urges shareholders to show support for their Company by
signing, dating and returning their BLUE Consent Revocation Card today.
Company shareholders are reminded that their revocation is important, no
matter how many or how few shares they own. Shareholders who have
questions or need any assistance revoking their consents may contact
Innisfree M&A Incorporated, which is assisting the Company in this
matter, toll-free at (888) 750-5834 or (212) 750-5833.
*Permission to use quotations from the ISS report was neither sought
nor obtained.
Your Revocation Is Important, No Matter How Many Or How Few Shares
You Own.
If you have questions about how to revoke your consent, or need
additional assistance, please contact the firm assisting us in the
solicitation:
INNISFREE M&A INCORPORATED
Shareholders May Call
Toll-Free: (888) 750-5834
Banks and Brokers May Call
Collect: (212) 750-5833
IMPORTANT
We urge you NOT to sign any consent sent to you by Eshelman.
Additional Information and Where You Can Find It
The Company and certain of its directors and executive officers may be
deemed to be participants in a solicitation of consent revocations from
the Company’s shareholders in connection with the consent solicitation
by Dr. Fredric N. Eshelman. The Company has filed a definitive consent
revocation statement with the SEC in connection with such consent
solicitation (the “Consent Revocation Statement”). Information regarding
the names of the Company’s directors and executive officers and their
respective interests in the Company by security holdings or otherwise is
set forth in the Consent Revocation Statement filed with the SEC on
December 10, 2015. This document is available free of charge at the
SEC’s website at www.sec.gov.
Additional information regarding the interests of potential participants
will be included in the Consent Revocation Statement and any other
relevant documents filed with the SEC in connection with the consent
solicitation.
The Company has filed the definitive Consent Revocation Statement with
the SEC and has mailed the definitive Consent Revocation Statement and a
consent revocation card to each shareholder entitled to deliver a
written consent in connection with the consent solicitation. THE COMPANY
URGES INVESTORS TO READ ANY CONSENT REVOCATION STATEMENT (INCLUDING ANY
SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY
MAY FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION. Shareholders will be able to obtain, free
of charge, copies of any Consent Revocation Statement and any other
documents filed by the Company with the SEC in connection with the
consent solicitation at the SEC’s website at www.sec.gov.
Contact: