I think I've only done two of these in detail - below is a brief summary of both acqusitions.
UCB acquisition of Zogenix in 2021/22
- Process took ~4 months from first bid.
- Involved multiple interested parties.
- Initial UCB bid of $20.50 (30% premium on then share price) was rejected.
- UCB finally won Board approval with a bid of $26 with a further $2 contingent value right for an event that was up to 2 years away. The successful bid price represented a 66% premium to the previous day’s closing price.
https://hotcopper.com.au/threads/best-position-ever.6702233/page-68?post_id=61048669
Biogen acquisition of Reata in mid-2023
- Process took ~3 weeks from first bid.
- Involved multiple interested parties.
- Initial bid of $140 (30% premium on then share price) was rejected.
- The final winning bid of $172.50 represented a 58.9% premium to the previous day’s closing price.
https://hotcopper.com.au/threads/share-price.6359591/page-6486?post_id=69370192
Potential Takeover, page-125
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