where to from here ?, page-19

Been in contact with the company and top20 holding 82% (which includes Cephalon's 27.6% stake) as of yesterday.

I would say 65% ( not including Cephalon's 27.6%) is currently held by about 100 individuals .Could easily see the other 18% not being owned by the top20 being bought by them sometime during the bid process.

Have been told Cephalon will set the offer period so it may be greater than the current minimum (4weeks plus 2weeks if 50% is achieved).

If Valeant does manage to remove the current Cephalon directors then these directors have to operate independently of Valeant (whilst still not owned by Valeant)so they would have an obligation to extend any offer period to Chemgenex shareholders if 90% isnt achieved otherwise they will be seen as acting on behalf of Valeant's wishes and may have repercussions.