It matters not if no bidder emerges.
Holders have a chance of greater than 100 times there money in the event of success. The very reason Pfizer is here.....
Arbs of course never make that and never make the rich list as well.
A few failures along the way to achieving 100 times your money reduces your returns to 97 times.
It is simple maths - and why it matters not if no bidder emerges.
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