Conflicting interests

As noted in the Australian

THE founders of biotech Cellestis have reaped a windfall...

Having now had their faith in the board sorely tested Cellestis shareholders just might need to see that expert opinion, to determine for themselves the degree of independence and level of expertise, before making a decision on their shareholding.

Indeed, it is a condition of the scheme that it is

subject to the Independent Expert confirming that the Scheme is fair and reasonable and in the best interests of Cellestis Shareholders

Intelligent Investor record their disappointment with the announcement;

The scheme meeting to approve the takeover is scheduled for late June but, as it stands, we’re likely to recommend you vote against the proposal unless the price is improved...

..for now, there’s nothing to do but HOLD

Various online forums have received pledges amounting to ~5 million shares, all voting No. Another group of private investors reliably claim to hold ~23% of shares and they are also speaking with one voice.

As it stands the deal looks unlikely to be successful.