VOTE NO. AWAIT "BEST & FINAL" DECLARATION

Under Australian takeover law, if a suitor declares that their bid is best and final, thereafter they must stand on the sidelines. We should VOTE NO until Pfizer make that declaration.

Until that point is reached we are entitled to assume that Pfizer are prepared to pay more.

My opinion is that they really want RAP. I doubt they will simply walk away without warning unless, of course, the macro environment changes radically. If we keep on voting NO then, at some point, Pfizer will be compelled to declare "best & final" and let it be a warning

Then we would have the clarity we are due and each of us individually would be able to decide YES or NO.

The risk for a suitor in declaring "best & final" is that another party overbids them leaving them unable to respond. If a suitor has not declared such, it can only mean they are prepared to pay more.