Ann: Biota and Nabi Announce Proposed Merger , page-57

I'm a bit confused about the negative reaction here? - We have all been waiting for a NASDAQ listing - BTA have delivered it via a back door listing with a $54 mill cap raising at 90 cents per share thrown in? Not sure where the calls of dilution are coming from - Nadi shareholders are paying us 90 cents a share for the 26 % they are getting - based on recent trading price its hard to see it being much higher - we also get thrown in for free anything else Nadi have on thier books - Labs, compounds, staff ect..

It seems like a pretty good deal to me unless I'm missing something? -