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Biotech / Medical : SIBIA Neurosciences (SIBI) -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (509)	8/6/1999 1:33:00 PM
From: RCMac	Read Replies (1) \| Respond to of 579

Can they mean this? It seems to say that, when the unnamed pharma and its investment bankers had said they might offer more than $8.50/share, the SIBI board went ahead and sold the company to Merck (with all the lock-up provisions noted on this thread), without waiting to see if they might sell it for $9, $12, or whatever the other pharma might offer. Among the questions this raises are: What kind of lawyers does SIBI have? Why on earth would the board of SIBI (which has individual and collective fiduciary obligations to SIBI shareholders) not want to auction the company to the highest bidder? (sweetheart deals at Merck for the SIBI brass?) How on earth could they feel free to ignore the expected higher bid? (in part, this is the lawyer question again) to say nothing of: Where is their concern for SIBI shareholders? >>No price or other terms were identified by such company.<< Except that "it was interested in acquiring the Company [SIBI] and that it was prepared to make an offer to acquire the Company that would be better than the offer of $8.50 per share"! And this is SIBI's own characterization of what was said. It will be interesting to see how the litigation turns out. --RCM