Arcadia Capital Advisors managing director Richard Rofe on Friday offered $16 per share in a tender offer for CPEX Pharmaceuticals Inc.
Rofe is making the cash offer through RSR Acquisition Co., a wholly owned subsidiary of Shelter Bay Holdings LLC. It marks a 14 percent increase to a proposed $14 per share offer announced by Rofe in January.
The tender offer expires May 24.
Meanwhile, he will no longer pursue board representation at CPEX. He owns about 4.9 percent of CPEX's outstanding stock, according to a Securities and Exchange Commission filing on April 5. The company has about 2.5 million common shares outstanding.
Shares of CPEX rose 98 cents, or 6.2 percent, to $16.68 in afternoon trading Friday, possibly signaling that investors view the latest offer as too low. The stock has traded between $7.50 and $17.49 over the last 52 weeks.