Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 82

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 82
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 October 22 Proposal, as well as Leerink Partners’ recent communications with the representatives of each bidder.
Representatives of the management team further presented regarding the revised draft of the Bidder B APA, particularly Bidder B’s stated intention to obtain debt financing and the proposed closing conditions requiring amendments and
negotiations of third party agreements. Aadi’s board of directors instructed the members of Aadi’s management to further analyze such closing conditions and to refrain from continuing more granular negotiation of the terms of the Bidder B
APA until it had obtained a high certainty that Aadi would be able to satisfy those closing conditions. Aadi’s board of directors then discussed and deliberated regarding different transaction structures (including a sale of the whole company,
a disposition of the FYARRO business structured as an asset sale, and a disposition of the FYARRO business structured as a sale of Aadi Sub) and related considerations, including, among others: (i) the timing of returning cash to Aadi’s
stockholders; (ii) for transaction structures other than a sale of the whole company, the potential of increasing the bid amount for FYARRO on the basis of certain liabilities not transferring to the bidder; and (iii) for transaction
structures other than a sale of the whole company, the additional flexibility afforded to Aadi’s board of directors in evaluating Aadi’s strategic options to create long-term stockholder value by remaining as a public company, including
the potential in-license of new assets. Aadi’s board of directors also approved advancing Bidder E and Kaken into confirmatory due diligence based on the strength of their respective proposals.

On October 25, 2024, representatives of Aadi, Wilson Sonsini, BMS’s legal counsel, Bidder B and Bidder B’s legal counsel met via
videoconference to discuss certain intellectual property due diligence matters.

On October 28, 2024, at the direction of Aadi, representatives of
Leerink Partners sent a draft merger agreement to representatives of Nomura to share with Kaken (in light of Kaken’s initial proposal set forth in the Kaken October 17 Proposal, which contemplated a sale of the whole company).

On November 1, 2024, representatives of Leerink Partners and Nomura met via videoconference to further discuss the Kaken October 17 Proposal, the
draft merger agreement, and related issues.

On November 5, 2024, at a virtual meeting organized by representatives of Leerink Partners,
represent