The Board of Directors of CPEX Pharmaceuticals Inc., (NASDAQ: CPEX) today recommended that its shareholders take no action at this time in response to the announcement by Arcadia Capital Advisors, LLC through RSR Acquisition Co. and its principal Richard Rofé that it has made an unsolicited conditional tender offer to acquire all of the outstanding shares of CPEX for $16.00 per share in cash.
Consistent with its fiduciary duties and in consultation with its financial and legal advisors, the CPEX Board will review and consider Arcadia's offer, and within 10 business days, will advise CPEX's shareholders of the Board's position regarding the tender offer as well as its reasons for that position.
RBC Capital Markets Corporation is acting as financial advisor to CPEX and Goodwin Procter LLP is acting as legal advisor.
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