Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 90

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 90
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 At the meeting, Aadi’s board of directors received a report of, and deliberated with the management team regarding, the Bidder B December 17 Proposal. Among other things, following input from Leerink Partners and Wilson Sonsini, Aadi’s board of directors provided guidance to the management team regarding the circumstances under which a short exclusivity period would be appropriate. Aadi’s board of directors also directed the management team and the representatives of Leerink Partners to inform Kaken Parent immediately that it would need to improve its bid significantly in order for Aadi not to enter into exclusivity with another bidder. Aadi’s board of directors separately considered the Bidder H December 17 Proposal. Due to the financing contingency, the amount of contingent consideration, and the fact that Bidder H was far behind in due diligence, Aadi’s board of directors determined to deprioritize such proposal relative to the proposals received from Bidder B and Kaken Parent. On that same day, following the meeting of Aadi’s board of directors:

| • |     | Representatives of the Aadi management team, Leerink Partners and Wilson Sonsini held several videoconference and                         
 telephonic meetings to strategize regarding the Bidder B December 17 Proposal and subsequent negotiations with Bidder B and Kaken Parent; |

| • |     | At the direction of Aadi’s board of directors, representatives of Leerink Partners informed representatives                                                                                                                                              
 of Nomura that, prior to 12:59 a.m. Eastern time the following day (December 18), Kaken Parent would need to make a significant improvement to the cash consideration offered at closing and drop the requirement for an escrow or Aadi would enter into 
 exclusivity with another bidder, as a result of a substantially improved proposal from such bidder which would expire in a few hours;                                                                                                                    |

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| • |     | Representatives of Wilson Sonsini and Bidder B’s legal counsel held a teleconference to discuss the Bidder B 
 December 17 Proposal and related process, documentation and timing;                                          |

| • |     | Representatives of McDermott communicated to representatives of Wilson Sonsini to request on behalf of Kaken                                
 Parent a bid amount that would be acceptable to Aadi and sufficient to induce Aadi to immediately enter into exclusivity with Kaken Parent; |

| • |     | At the direction of Aadi’s board of directors, representatives of Wilson Sonsini informed representatives of                                                                                                                            
 McDermott, and representatives of Leerink Partners informed representatives of