Speculative M&A Transaction Analysis, page-842

OK I think I got you. What you are talking about is totally different. Of course no BP will pay several times over the current sp but trying to get as cheaply as they can.\ even if it is 100% premium, not 400% or 500%. The sp in advance must go higher which it will once the results prove cardioprotection and measurable and sensible cancer killing efficacy increase during the trial(s) as results released. The market will move up the sp based on the results - like CU6 - so by the time BP will get interested in some serious dialog it will be higher. What I was saying that if a BP would offer USD12 billion based on the number of shares and oppies as a holder assuming the current exchange rate would mean around AUD$88.50 per share for each share (assuming full cash buyout). I would expect that that MC of RAC would be already somewhere in the USD4 to USD6 billion range to get a USD12 billion offer. Having multiple BPs interested would allow a bit lower MC as the MC would immediately adjust upwards should one offer start a bit of competitive bidding,