Personally I believe they were on their way to doing a deal (with Sanofi?) but suddenly they got multiple parties interested hence tossing it to MS. If the offers were not substantial the board could have tossed them outright. The key here is substantial and in the eyes of the investors what is substantial?
The board is required to vet all substantial offers and act in the best interest of shareholders. If they do not then look for litigation from "Here to Eternity" especially with the likes of JP Morgan in the mix.
There could be a scenario where Sanofi ditched Medtronics for Imperium and hence Medtronics turned around and made an offer for UNS. Who knows but I do like the intrigue not as much as having a deal done and heading towards commercialization.
Upcoming valuation, page-78
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