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Delcath: Activist Firm Increases Unsolicited Bid of $2.90, Seeks Discussions with BOD
Dear Delcath Systems Board of Directors & Investors:
We are seeking talks with the Delcath Systems Board of Directors for an unsolicited non-binding offer for the company at $2.90 per share.
We believe Delcath Systems can not continue the way it is set up. The structure of the company is illogical, inefficient and needs to be looked at.
Does Delcath Systems really need two 'Co-Presidents'' and two 'Co-CEOs'?
We believe this creates excess high costs, more confusion among the management, board of directors and the shareholder base. Academic studies have proven the Co-CEO structure is highly ineffective so why do shareholders need it in this company if it has not worked elsewhere?
http://www.unitedamerican.com/Compliance/Compliance%20Sheets%20V2/Library/Liberty%20National/DOMEs/Luke%20Backup%203-14/co-ceos-effectiveness.pdf
Is the company serious about cutting costs from these high levels compared to the company's market cap? Where is the accountability?
Spending levels are still too high for a company that has not even yet re-submitted materials for a new FDA trial.
The numerous shareholders we have discussed this with publicly and privately are angry at what the company has done in the past and how they have held on to their shares for so long while the market bounces higher. Can it continue for much longer?
Linkedto Partners would obtain cash or credit financing from a big Middle East investment fund it is collaborating with for the deal pending various potential due diligence on Delcath Systems. Linkedto Partners is also in discussion with private equity buyers who may want to be in on a deal.
Any shareholders with comments or feedback can contact me
Thanks.
Regards,
Neil Fromer
Contact: Linkedto Partners
Tel: 206-736-2986
About Linkedto Partners: A family office investment firm incorporated in New York in 2009 focusing on a mix of value investments and activist special situations.