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Biotech / Medical : Munch-a-Biotech Today
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To: Biomaven who wrote (556)8/5/1999 5:57:00 PM
From: Vector1  Read Replies (1) of 3158
 
Peter,
The odds of BVF stopping the MRK deal are long and virtually zero without a competing bid at a significantly higher value. According to the press releases MRK has received lockup agreements and options from holders who own 33% of the common stock. In addition the company has granted MRK options which are exerciseable under certain circumstances. Those options are likely to be for 19.9% of the company and can be exercised to fend off another offer. In addition the company has probably signed a no solicitation agreement which prohibits them from soliciting other offers and possibly even having discussions with other parties. Without access to the inside scoop on SIBI's programs it is unlikely that anyone can get to a higher price.

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