Healthcare Industry News: Nabi Biopharmaceuticals
News Release - September 26, 2006
Third Point LLC Announces Consent Solicitation to Remove Nabi Biopharmaceuticals Board ChairmanNEW YORK, Sept. 26 (HSMN NewsFeed) -- Third Point LLC announced today that it intends to conduct shortly a consent solicitation in order to remove Thomas H. McLain, Chairman, Chief Executive Officer and President of Nabi Biopharmaceuticals (Nasdaq: NABI ) from the Company's Board of Directors. Third Point may also seek the removal of one or more other Nabi directors. In conjunction with the solicitation, Third Point also intends to solicit consents in favor of a shareholder proposal requesting that the Nabi Board fill any vacancies created by removal with one or more individuals named by Third Point.
Third Point LLC, which beneficially owns approximately 9.5% of the Nabi Biopharmaceuticals shares outstanding, is a $4 billion investment management firm based in New York.
In connection with the consent solicitation, Third Point LLC and certain of its affiliates intend to file a consent statement with the Securities and Exchange Commission (the "SEC") to solicit stockholders of the Company with respect to the removal of Mr. McLain and possibly one or more other directors from the Board of Directors. THIRD POINT LLC STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE CONSENT STATEMENT WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN ANY SUCH CONSENT SOLICITATION. SUCH CONSENT STATEMENT, WHEN FILED, AND ANY OTHER RELEVANT DOCUMENTS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV.
THIRD POINT PARTICIPANT INFORMATION
In accordance with Rule 14a-12(a)(1)(i) of the Securities Exchange Act of 1934, as amended, the following persons are anticipated to be, or may be deemed to be, participants in any such consent solicitation by Third Point LLC: Third Point LLC, Mr. Loeb, Third Point Offshore Fund, Ltd., Third Point Ultra Ltd., Third Point Partners LP, Third Point Partners Qualified LP and Lyxor/Third Point Fund Limited. Certain of these persons hold direct or indirect interests as follows: Third Point LLC may be deemed to beneficially own 5,750,000 shares of Common Stock; Mr. Daniel Loeb may be deemed to own 5,750,000 shares of Common Stock; Third Point Offshore Fund, Ltd. may be deemed to beneficially own 3,691,500 shares of Common Stock; Third Point Ultra Ltd. may be deemed to beneficially own 621,600 shares of Common Stock; Third Point Partners LP may be deemed to beneficially own 616,300 shares of Common Stock; Third Point Partners Qualified LP may be deemed to beneficially own 458,400 shares of Common Stock; and Lyxor/Third Point Fund Limited may be deemed to beneficially own 362,200 shares of Common Stock.
Source: Third Point LLC
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