re: Ann: Cephaon International t/o offer now ... I can think of...

re: Ann: Cephaon International t/o offer now ... I can think of 3 options:

1. Don't accept, stick around and see what happens from here. If they get to 90%, you get $1.40 per share. If they close the offer at less than 90%, you are a minority shareholder in a Ceph-controlled AAH. They might come back at some point in the future with a higher or lower mop-up offer.

2. Accept. You get $1.35 cash per share in five days plus an option on an extra $0.05 if they get to 90%.

3. Sell on market. You get cash at the market price in three days with no option on the extra $0.05. Market is currently around $1.36.

"Should I stay or should I go?" If you want to go, whether you pick option 2 or 3 depends on whether you think there is a good chance they will get to 90%. If you think there is no chance, option 3 is a better bet -- ie. get a slightly higher price than the bid right now.

But before you take the advice of people who say there is no chance they will get to 90%, remember that these are the same people who said there was no chance they would get to 50% without a big increase in the offer...

You don't have to decide anything before 1 June at the earliest... so you could wait to see where the market price goes and what sort of acceptances they get over the next few days. I doubt it will change the price outcome very much though.