Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 85

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 85
---
.

On November 28, 2024, representatives of Nomura delivered to representatives of Leerink Partners (i) a
revised non-binding indication of interest, approved by Kaken Parent’s board of directors, pursuant to which Kaken (or an affiliate) would acquire the FYARRO business by purchasing Aadi Sub for cash
consideration at closing of $85 million (payable from Kaken Parent’s balance sheet), on a debt-free and cash-free basis (the “Kaken November 28 Proposal”), and (ii) a revised draft of the Divestiture Agreement. Among
other things, the revised draft of the Divestiture Agreement proposed a termination fee that Aadi would be liable to pay in specified circumstances equal to approximately $6 million; post-closing indemnification for breaches of Aadi’s
representations and warranties; an indemnity escrow fund equal to 15% of the $85 million base purchase price; a price adjustment escrow fund in an amount not specified; a closing condition that certain
pre-closing restructuring transactions between Aadi and Aadi Sub (collectively, the “Pre-Closing Restructuring”) be completed prior to closing; and a closing
condition that certain employees will have agreed to remain with Aadi Sub as of and after the closing (collectively, the “Retained Employees”). The revised draft of the Divestiture Agreement also contemplated that certain stockholders, in
addition to Aadi’s directors and officers, would sign Support Agreements with respect to the transaction.

Later that same day, representatives of
Nomura and Leerink Partners met via videoconference and discussed the Kaken November 28 Proposal and the revised draft of the Divestiture Agreement, certain process and timing points, and Kaken Parent’s open due diligence items.
Representatives of Nomura also communicated that they did not expect that Kaken Parent would further increase the base purchase price above $85 million.

On December 2, 2024, representatives of Leerink Partners and Bidder B held a videoconference meeting at which, at the direction of Aadi, representatives
of Leerink Partners informed Bidder B that the Bidder B October 22 Proposal now ranked behind a competing bidder on economic terms and encouraged Bidder B to improve its offer.

On December 2, 2024, representatives of Wilson Sonsini and McDermott met via videoconference to discuss the most recent draft of the Divestiture
Agreement circulated by Nomura. Among other things,