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Advisory Firm Recommends Sale of Tripos' Informatics Unit

NEW YORK (GenomeWeb News) - Tripos said on Friday that an independent proxy advisor supports the proposed sale of its Discovery Informatics segment to Vector Capital.
 
Tripos said that the advisory firm, Institutional Shareholder Services, has recommended that Tripos shareholders vote in favor of the deal at a March 15 shareholder meeting.
 
Tripos announced its plans to sell the informatics business to the San Francisco-based private equity firm for $26.5 million in November.
 
According to Tripos, Institutional Shareholder Services said in a report that due to "the impending need for the company to raise funds to meet debt obligations, and the declining trend in core businesses," shareholders should vote for the sale to continue its planned liquidation process.
 
Earlier this year, Tripos also said it had found a buyer for its Discovery Research business, but on Feb. 27 the company disclosed that the potential buyer, Provid Pharmaceuticals, may not be able to raise the necessary funding to seal the deal.
 
The Nasdaq notified Tripos in January it faces delisting from the exchange for failing to maintain the necessary minimum market cap and minimum share bid price for 30 consecutive days.

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