EXETER, N.H.--(BUSINESS WIRE)--The Board of Directors of CPEX Pharmaceuticals Inc., (NASDAQ: CPEX) today announced that it recommends CPEX shareholders reject the unsolicited $16.00 per share tender offer commenced by RSR Acquisition Company, a subsidiary of Shelter Bay Holdings, LLC whose principal is Richard Rofé, to acquire all of the outstanding shares of CPEX. The Board reviewed the offer with the assistance of CPEX management and legal and financial advisors. The Board has determined that the offer is inadequate and substantially undervalues the Company’s current business and future prospects. Accordingly, the Board recommends that CPEX shareholders not tender any of their shares into the offer and withdraw any previously tendered shares. The Board also announced that it intends to explore strategic alternatives to maximize shareholder value, including, but not limited to, a sale, merger or other business combination of the Company with a third party or a monetization of the Company’s assets including its rights to receive royalties and milestone payments.
