Immunex Message Board - Msg: 16801623

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Biotech / Medical : Immunex

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To: Judith who wrote (638)	12/17/2001 3:10:51 PM
From: LemurHouse	Read Replies (1) of 656

If memory serves, consideration was set at a fixed ratio of .44 shares of Amgen, plus $4.50 tax-free cash for each share of Imunex. So the math is pretty straight-forward and $30 is neither a cap nor a guaranteed minimum. Presumably the price of IMNX will fluctuate with Amgen's. I'm sure there are triggers which protect the parties if the respective stock prices go beyond certain ranges, but I don't think these have been made public so far. There will of course be discounting/arb on the likelihood of the deal going through. I think one reason why the price is up is that Amgen did an excellent job explaining the deal and why it is good for Amgen shareholders this morning.

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