I don't feel it is right to criticise the BOD, as there may be...

I don't feel it is right to criticise the BOD, as there may be an element of genius to these current events.

All those people saying "do the BOD think we're idiots; as if we're going to accept 11.5c!" etc.... what if the BOD was counting on you rejecting that price all along? ... Specifically, the BOD knew that 11.5c wouldn't be accepted, but played the 'right cards' so that the BOD could secure the addition funding from Pfizer, and commence a bidding game, given the opportunity presented itself?

And look at the outcomes; the game appears to be progressing well. Progressing is the key word, as the end-state isn't visible yet which means there is so much prospect still left.

Here's the progress so far; we got that additional funding (no need for CR), and the bid has now shifted from 11.5c to 20.7 (pending the report), and no final offer ceiling is visible yet. The BOD know its the SH that get the final say of what is the right value for the consensus, and this has always been the case through the voting requirement. Thus, how could the BOD ever shaft the majority of SH in the first place? BOD luring the big pharma fish with crumbs ...

When all is said and done, there is a great possibility that we will be well away from the original 11.5c offer; perhaps a thanks to the BOD may be better suited haha. I suggest all SH should attempt to rationalise this situation by considering the decision making processes deeper than just the surface of the water.

There's perception, psychology and strategy at play; the reaction of SH to the face-value of recent announcements is perhaps the desired reaction of the BOD to pressure Pfizer to lift their game by a long (nonetheless incremental) stretch, given Big Pharma need to win the hearts/minds of the voters.

My 2c...