Potential Takeover, page-125

I think I've only done two of these in detail - below is a brief summary of both acqusitions.

UCB acquisition of Zogenix in 2021/22

• Process took ~4 months from first bid.
• Involved multiple interested parties.
• Initial UCB bid of $20.50 (30% premium on then share price) was rejected.
• UCB finally won Board approval with a bid of $26 with a further $2 contingent value right for an event that was up to 2 years away. The successful bid price represented a 66% premium to the previous day’s closing price.

https://hotcopper.com.au/threads/best-position-ever.6702233/page-68?post_id=61048669


Biogen acquisition of Reata in mid-2023

• Process took ~3 weeks from first bid.
• Involved multiple interested parties.
• Initial bid of $140 (30% premium on then share price) was rejected.
• The final winning bid of $172.50 represented a 58.9% premium to the previous day’s closing price.

https://hotcopper.com.au/threads/share-price.6359591/page-6486?post_id=69370192