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SEC Filings

ASTERIAS BIOTHERAPEUTICS, INC. filed this Form DEFM14A on 02/04/2019
Entire Document



November 7, 2018

BioTime, Inc.

Page 3


The Opinion has been prepared exclusively for the use of the Special Committee of the Board of Directors of BioTime in its deliberation of the Transaction and may not be used for any other purpose including any filings or reports filed with the Securities and Exchange Commission without our prior written consent, except unless required to be produced pursuant to a valid legal or regulatory request. The Opinion has not been prepared for BioTime or its shareholders, nor will it grant them any rights or remedies. The Opinion does not constitute a recommendation as to how the Special Committee, Board or any holder of Securities should vote with respect to such Transaction or any other matter if a vote is required. This Opinion has been approved by a committee of Maxim investment banking and other professionals in accordance with our customary practice.


Based upon and subject to the forgoing, it is our opinion that, as of the date hereof, the Exchange Ratio and the consideration being paid to Asterias stockholders in accordance with the Merger Agreement is fair from a financial point of view to BioTime and its stockholders.


  Yours truly,
  By: /s/ Chris Avery
  Name: Chris Avery
  Title: Managing Director, Investment Banking
  By: /s/ Brad Hoffman
  Name: Brad Hoffman
  Title: Director, Investment Banking
  By: /s/ Clifford A. Teller
  Name: Clifford A. Teller
  Title: Executive Managing Director, Investment Banking




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