Closely-held Symetryx increased its non-binding proposal to acquire Check-Cap (NASDAQ:CHEK) to $4.60 a share from $4.35 when it announced its offer on July 18. At last report, Check-Cap had 5.8 million shares outstanding.
Since the July 18 announcement, Symetryx has continued buying common shares of Check-Cap in the open market
In a statement, Symetryx said it has not been able to communicate with the board of Check-Cap and “allow us to begin due diligence as outlined in the July 18 press release.”
“If the Check-Cap board does not engage in communications with Symetryx regarding our non-binding offer, Symetryx may consider commencing a tender offer directly to Check-Cap shareholders,” it said, adding that it also may withdraw its non-binding proposal at any time without notice.
