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Mangrove Partners Agrees to Support Amended Transaction Between Nabi Biopharmaceuticals and Biota Holdings
Date:9/19/2012

NEW YORK, Sept. 19, 2012 /PRNewswire/ -- The Mangrove Partners Fund, L.P. ("Mangrove Partners"), one of the largest stockholders of Nabi Biopharmaceuticals (NasdaqGS: NABI), announced today that it is pleased that Nabi Biopharmaceuticals has responded to the concerns of its stockholders by amending the terms of the Transaction between Nabi Biopharmaceuticals and Biota Holdings. The amended Transaction now returns greater cash to Nabi stockholders and provides increased certainty through the use of a collar mechanism to protect against drops in the price of Biota shares.  Mangrove believes that the total expected value of the revised transaction is approximately $1.99 per share, which is comprised of $1.04 per share in cash(1) and the equivalent value of $0.95 per share based on Biota stock price(2). We believe that this potentially represents a 17% premium(3) to the terms of the original Transaction using Biota's stock price as of the close on September 18, 2012, a 9% premium(4) to the discounted value under a formal Delaware liquidation, and a 7% premium(5) to the undiscounted value under a formal Delaware liquidation. The average of the foregoing premiums is 11%.  Mangrove Partners believes that these changes adequately address its concerns with the Transaction and has therefore agreed to (i) terminate its solicitation opposing the Transaction, (ii) unequivocally support the amended Transaction on its current economic terms and (iii) vote in favor of all of the Transaction Proposals at the upcoming Special Meeting, which will be adjourned or postponed to a new date that Nabi will announce in the coming days.

Nathaniel August, founder and portfolio manager of Mangrove Partners, states, "We commend the executive and management teams at Nabi Biopharmaceuticals and Biota Holdings for amending the proposed Transaction on terms more favorable to Nabi stockholders. We believe the amended tra
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SOURCE Mangrove Partners Fund, L.P.
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