Nuclear medicine firm Digirad has sent a letter to healthcare commercialization services company PDI urging it to reconsider an acquisition offer from Digirad that PDI summarily rejected within hours after receipt on October 29.
In that letter, the chair of PDI's board, Gerald Belle, said the firm is not for sale and that PDI does not consider the Digirad offer to be meaningful. But in its own letter sent to PDI on October 31, Digirad questioned whether PDI had adequately assessed the offer, and whether the interests of its shareholders were being addressed.
"Did the PDI board even educate itself as to who we are and review our public filings?" Digirad wrote. "Did the board consult with its legal and financial advisors? Did the board form a special committee to review our proposal? We question whether the PDI board is acting in the best interests of all its stockholders, the true owners of PDI, or seeking to preserve the status quo to the detriment of PDI stockholders," Digirad stated.
By not engaging in discussions with Digirad and taking steps to explore the economic and strategic benefits of its proposal, the PDI board is allegedly showing its disregard for stockholder rights and stockholder value, the Digirad letter concluded. Digirad urged PDI to reconsider its bid to acquire the company.