Merger With Akela Pharma, Inc
On March 27th, 2008, Akela Pharma Inc. and Nventa Biopharmaceuticals Corporation announced the execution of an arrangement agreement to combine the two companies by way of a plan of arrangement under the Business Corporations Act.
The transaction will be effected by an exchange of Akela common shares for the outstanding shares of Nventa on the basis of 0.0355 Akela shares for each Nventa share, resulting in about 70/30 ownership split between Akela and Nventa shareholders, respectively, in the combined entity.
The public company will retain Akela's name, will operate under Akela's management, and will continue to be listed on the Toronto Stock Exchange under the ticker symbol AKL.
Nventa noted that it would have the right to nominate two directors to the board of directors of Akela.
On May 22, 2009, Akela and Nventa announced the closing of the arrangement agreement to combine the two companies and that the transaction has been approved by the shareholders of Nventa, the British Columbia Supreme Court and the Toronto Stock Exchange.
Read more about this topic: Nventa Biopharmaceuticals Corporation