bucky, I agree 100%, almost. Anything reasonable is OK. But I would define reasonable as more like 50-55, maybe even lower. The condition of the market simply cannot be ignored. Just because ASND traded at 55 two months ago, doesn't mean they are worth that today, even though, fundamentally, nothing has changed with the company. The state of the world economy is dictating stock prices now, and I suspect the highs of this summer will not be re-visited for quite some time, now matter how good earnings are.
A buyout at 70 will be viewed at too expensive, and the market will simply adjust the price accordingly. We'd never have a chance to sell at that price. I also doubt LU will make any large acquisition that serves to dilute its earnings, even in the slightest. This is the primary reason why I discount a buyout of either NN or FORE. Too much uncertainty there. But, I also think they WILL NOT overpay for ASND.
Better for Mory to do the strategically correct thing, and get the merger over with, and get on with the "mother of all battles".
Gary |
