Seres Therapeutics Stockholders Issue Open Letter to Board of Directors Regarding Reported Engagement With Nestlé
Express Concern Regarding Report That Seres Allegedly Rebuffed an Outright Takeover Offer from Nestlé for
Request that the Board Immediately Provide Stockholders With the Facts Regarding Its Engagement With Nestlé Ahead of the
***
Members of the Board,
We are writing to you today as a stockholder of Seres who is seeking additional information regarding the Company’s planned sale of its VOWST business to Nestlé Health Science.
We have read a recent media report from Betaville which states that Nestlé S.A. (“Nestlé”) approached Seres in
This concerns us because Nestlé’s offer would have represented a more than 622% premium to the Company’s stock price.1 Additionally, it is well known that Seres has been struggling to fund its operations. Investors do not appear to have strong confidence in the Company’s ability to turn itself around in the public market, as evidenced by the negative stock price reaction to the
If this media report is accurate, that would mean the Board violated its fiduciary duty to stockholders – specifically, its duty to maximize stockholder value – and could be held legally liable. We acknowledge that this information stems from a singular media report, which is why we are asking the Board to provide stockholders with a factual assessment of the contents of the report so that we may make fully informed decisions regarding our investment in the Company.
If you do not address my concerns in a timely fashion, we plan to consider all legal remedies under
Time is of the essence, as Seres intends to close the VOWST sale to Nestlé on
Sincerely,
Lucien Selce |
|
|
|
|
|
|
____________________
1 The Company’s stock closed at
2 The Company’s stock closed at
View source version on businesswire.com: https://www.businesswire.com/news/home/20240927387718/en/
Lucien Selce
Lucienselce@gmail.com
Source: On behalf of a