{"id":725672,"date":"2023-01-25T08:04:15","date_gmt":"2023-01-25T13:04:15","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/investor-group-issues-letter-to-the-boards-of-sesen-bio-and-carisma-rejecting-their-apparent-attempt-to-purchase-merger-support\/"},"modified":"2023-01-25T08:04:15","modified_gmt":"2023-01-25T13:04:15","slug":"investor-group-issues-letter-to-the-boards-of-sesen-bio-and-carisma-rejecting-their-apparent-attempt-to-purchase-merger-support","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/investor-group-issues-letter-to-the-boards-of-sesen-bio-and-carisma-rejecting-their-apparent-attempt-to-purchase-merger-support\/","title":{"rendered":"Investor Group Issues Letter to the Boards of Sesen Bio and Carisma Rejecting Their Apparent Attempt to Purchase Merger Support"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwlistdecimal { list-style-type: decimal }\n.bwpadl0 { padding-left: 0px }\n.bwtablemarginb { margin-bottom: 10px }\n.bwuline { text-decoration: underline }\n.bwvertalignt { vertical-align: top }\n.bwwidth100 { width: 100% }\n.bwwidth2 { width: 2% }\n.bwwidth39 { width: 39% }\n.bwwidth59 { width: 59% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\">\nInvestor Group Issues Letter to the Boards of Sesen Bio and Carisma Rejecting Their Apparent Attempt to Purchase Merger Support\n<\/p>\n<p class=\"bwalignc\"><b><i>Discloses Recent Offer to Provide Paid Advisory Roles to Messrs. Radoff and Torok \u2013 Major Stockholders of Sesen Bio \u2013 in Exchange for Their Support of the Proposed Merger of Sesen Bio and Carisma<\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i>Reiterates Intent to Vote <span class=\"bwuline\">AGAINST<\/span> the Proposed Merger<\/i><\/b><\/p>\n<p>HOUSTON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nBradley L. Radoff and Michael Torok (together with their affiliates, the \u201cInvestor Group\u201d or \u201cwe\u201d), who own approximately 8.4% of the outstanding common stock of Sesen Bio, Inc. (Nasdaq: SESN) (\u201cSesen Bio\u201d), today issued the following open letter to the Boards of Directors (collectively, the \u201cBoards\u201d) of Sesen Bio and Carisma Therapeutics Inc. (\u201cCarisma\u201d and together with Sesen Bio, the \u201cCompanies\u201d):\n<\/p>\n<p>\nMembers of the Sesen Bio and Carisma Boards,\n<\/p>\n<p>\nWe continue to oppose the Companies\u2019 proposed merger (the \u201cMerger\u201d) for a number of reasons, including the following:\n<\/p>\n<ol class=\"bwlistdecimal\">\n<li>\nThe cash dividend being paid to Sesen Bio stockholders is, in our view, insufficient.<\/p>\n<\/li>\n<li>\nThe proposed cash contribution from Sesen Bio stockholders is approximately $70 million, while Carisma stockholders \u2013 which include AbbVie, Moderna, Wellington and TPG \u2013 are only contributing approximately $30 million.<\/p>\n<\/li>\n<li>\nLeadership of both Companies appears to have a fundamental disregard for appropriate corporate governance and stockholder feedback, causing us to fear for any combined entity\u2019s future and treatment of its stockholders.<\/p>\n<\/li>\n<li>\nLeadership of both Companies is continuing to spend millions of dollars of stockholders\u2019 capital on high-priced transaction advisors and a wasteful pro-Merger campaign \u2013 all in the face of mounting investor opposition.\n<\/li>\n<\/ol>\n<p>\nLast week, we proposed a best-and-final compromise to the Boards that detailed changes to the proposed Merger that would lead the Investor Group to support the transaction. Our good faith compromise provided for the cash dividend at closing being increased to $0.45 per share for Sesen Bio stockholders and the cash being contributed by Carisma\u2019s investors (including AbbVie, Moderna, Wellington and TPG) being increased to $50 million. Under our proposal, both Sesen Bio and Carisma stockholders would each be contributing $50 million in cash \u2013 on the same terms and on a dollar-for-dollar basis. In response, on Thursday of last week, Sesen Bio\u2019s advisors informed the Investor Group that the Boards had rejected the proposal and that Carisma\u2019s \u201ca-list\u201d stockholders would not increase their investment.\n<\/p>\n<p>\nThe next day, Sesen Bio\u2019s advisors relayed a counterproposal that hinged on the Investor Group\u2019s principals receiving paid advisory roles and cash reimbursement of their expenses incurred in relation to their opposition to the proposed Merger in exchange for our agreement to vote our shares in favor of the Merger. In order to find out the magnitude of the payments being offered in exchange for our votes, we were told we had to sign confidentiality agreements and then speak to Sesen Bio\u2019s Chief Executive Officer.\n<\/p>\n<p><b><span class=\"bwuline\">We contend the offer made to us was akin to a proposed bride.<\/span><\/b>In addition to being offended by the insinuation that we would sell out our fellow stockholders, the Investor Group is alarmed by your apparent willingness to engage in such highly questionable conduct. Your actions reinforce our view that Sesen Bio\u2019s directors are unfit to serve as fiduciaries and should immediately resign.\n<\/p>\n<p><b><span class=\"bwuline\">In closing, the Investor Group reiterates its firm commitment to voting AGAINST Sesen Bio\u2019s proposed Merger with Carisma.<\/span><\/b> In the event the Merger is voted down, we strongly believe Sesen Bio will need a completely reconstituted Board that has corporate governance experience, financial acumen, transaction expertise and meaningful ownership perspectives. In our view, these are the qualifications and skills required to advance stockholders\u2019 interests and run a comprehensive and effective review of strategic alternatives. Please know that we are fully prepared to take all necessary steps to preserve and maximize value at Sesen Bio if the Merger does not occur.\n<\/p>\n<p>\nSincerely,\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth59\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nBradley L. Radoff\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignt bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nMichael Torok\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n\u00a0\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230125005304r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230125005304\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230125005304\/en\/<\/a><\/span><\/p>\n<p>\nLongacre Square Partners<br \/>\n<br \/>Greg Marose \/ Charlotte Kiaie, 646-386-0091<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:gmarose@longacresquare.com\">gmarose@longacresquare.com<\/a> \/ <a rel=\"nofollow\" href=\"mailto:ckiaie@longacresquare.com\">ckiaie@longacresquare.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America Texas<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Investor Group Issues Letter to the Boards of Sesen Bio and Carisma Rejecting Their Apparent Attempt to Purchase Merger Support Discloses Recent Offer to Provide Paid Advisory Roles to Messrs. Radoff and Torok \u2013 Major Stockholders of Sesen Bio \u2013 in Exchange for Their Support of the Proposed Merger of Sesen Bio and Carisma Reiterates Intent to Vote AGAINST the Proposed Merger HOUSTON&#8211;(BUSINESS WIRE)&#8211; Bradley L. Radoff and Michael Torok (together with their affiliates, the \u201cInvestor Group\u201d or \u201cwe\u201d), who own approximately 8.4% of the outstanding common stock of Sesen Bio, Inc. (Nasdaq: SESN) (\u201cSesen Bio\u201d), today issued the following open letter to the Boards of Directors (collectively, the \u201cBoards\u201d) of Sesen Bio and Carisma Therapeutics Inc. (\u201cCarisma\u201d and together &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/investor-group-issues-letter-to-the-boards-of-sesen-bio-and-carisma-rejecting-their-apparent-attempt-to-purchase-merger-support\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Investor Group Issues Letter to the Boards of Sesen Bio and Carisma Rejecting Their Apparent Attempt to Purchase Merger Support&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-725672","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Investor Group Issues Letter to the Boards of Sesen Bio and Carisma Rejecting Their Apparent Attempt to Purchase Merger Support - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/investor-group-issues-letter-to-the-boards-of-sesen-bio-and-carisma-rejecting-their-apparent-attempt-to-purchase-merger-support\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investor Group Issues Letter to the Boards of Sesen Bio and Carisma Rejecting Their Apparent Attempt to Purchase Merger Support - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Investor Group Issues Letter to the Boards of Sesen Bio and Carisma Rejecting Their Apparent Attempt to Purchase Merger Support Discloses Recent Offer to Provide Paid Advisory Roles to Messrs. Radoff and Torok \u2013 Major Stockholders of Sesen Bio \u2013 in Exchange for Their Support of the Proposed Merger of Sesen Bio and Carisma Reiterates Intent to Vote AGAINST the Proposed Merger HOUSTON&#8211;(BUSINESS WIRE)&#8211; Bradley L. Radoff and Michael Torok (together with their affiliates, the \u201cInvestor Group\u201d or \u201cwe\u201d), who own approximately 8.4% of the outstanding common stock of Sesen Bio, Inc. (Nasdaq: SESN) (\u201cSesen Bio\u201d), today issued the following open letter to the Boards of Directors (collectively, the \u201cBoards\u201d) of Sesen Bio and Carisma Therapeutics Inc. 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Radoff and Torok \u2013 Major Stockholders of Sesen Bio \u2013 in Exchange for Their Support of the Proposed Merger of Sesen Bio and Carisma Reiterates Intent to Vote AGAINST the Proposed Merger HOUSTON&#8211;(BUSINESS WIRE)&#8211; Bradley L. Radoff and Michael Torok (together with their affiliates, the \u201cInvestor Group\u201d or \u201cwe\u201d), who own approximately 8.4% of the outstanding common stock of Sesen Bio, Inc. (Nasdaq: SESN) (\u201cSesen Bio\u201d), today issued the following open letter to the Boards of Directors (collectively, the \u201cBoards\u201d) of Sesen Bio and Carisma Therapeutics Inc. 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