Whether or not any one would or should be shocked if SEPR were in merger talks (I, for one, assume that it is not and that J&J or any other potential suitor would require time to line up its ducks), management's interests are not always perfectly aligned with those of shareholders. Who knows what kind of offer would appeal to Barberich, et. al, at the same time that an offer is made that is, on its face, perfectly consistent with meeting management's fiduciary obligations to shareholders? No one on this thread wants a deal "for anything less than [OR MUCH HIGHER THAN] a nice PREMIUM to its alltime high", because we have been conditioned to believe that the long term outlook is much higher, still, than that.
Perhaps the greater risk, imo, is a hostile tender. With institutions owning a large portion of the float and a deceptively generous bid on the table, no one knows how that game plays out.
Regards. Liacos_samui
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