cephalon takeover, page-29

To answer a few questions.

The t/o as it stands now only occurs if Cephlon gets 90% of the shares. This amount can be revised at any time by Caplon. Once a takeover reaches 90% the Coperations legislation cuts in and all remaining shares can be compulsorily aquired.

Press saying that it is virtually a done deal. Cophlon has a good start at 30% holding. This also means that they can block any other takeover wanting 90%.

Price just fell to .63 and I thought it worth it to buy for an 8% gain to 70c, but missed the bottem and got a small holding at 65c. If Caphlon get to over 50% but not near 90% they may increase their offer price, but the market does not think this likely, as sp trading well below 70c.

Frequently takeover companies will accept less than 90% (by declaring the offer unconditional) once they get over 50%. No guarantee of any of these other options atm.