Proxy Firms Back Hanmi's C$2.41/Share Buyout of Aptose

Edgen Stock

·Mar 23 2026, 12:10

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Key Takeaways

Aptose Biosciences' acquisition by Hanmi Pharmaceutical is poised for approval after securing endorsements from influential proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis. The recommendations bolster the C$2.41 per share all-cash offer ahead of a final shareholder vote.

Dual Proxy Endorsements: Both ISS and Glass Lewis have recommended that Aptose shareholders vote in favor of the acquisition by Hanmi Pharmaceutical, significantly de-risking the deal.
C$2.41 All-Cash Offer: The transaction offers shareholders C$2.41 in cash per share, a 28% premium over the company's 30-day volume-weighted average price of C$1.88.
Final Vote on March 31: A special meeting for shareholders to approve the arrangement is scheduled for March 31, 2026, with a proxy voting deadline of March 27.

Aptose Biosciences’ (TSX: APS) proposed acquisition by Hanmi Pharmaceutical has gained critical support, receiving "FOR" recommendations from two leading proxy advisory firms. On March 23, 2026, Glass, Lewis & Co. advised shareholders to approve the plan of arrangement. This followed a similar endorsement from Institutional Shareholder Services (ISS) on March 19. These recommendations from influential advisors make shareholder approval at the special meeting on March 31 highly probable.

Cash Deal Offers 28% Premium to Shareholders

The all-cash offer from Hanmi locks in a C$2.41 price per share for Aptose investors, representing a 28% premium over the company's 30-day volume-weighted average price of C$1.88. The transaction provides a clear exit for investors in the clinical-stage biotech, which currently generates no revenue and faces ongoing cash burn. In its report, ISS highlighted the benefits of the certain cash value.

The cash form of consideration provides liquidity and certainty of value to Aptose shareholders.

— Institutional Shareholder Services (ISS)

The Aptose board of directors unanimously recommends shareholders vote for the transaction before the proxy deadline at 11:00 UTC-5 on March 27, 2026. The deal's completion remains contingent on the shareholder vote, along with final court and TSX approvals.

Proxy Firms Endorse C$2.41/Share Aptose Buyout

Cash Deal Offers 28% Premium to Shareholders