With out seeing a bid it would be hard to say if it would be acceptable or not.
If a takeover were launched at say $3 per share the directors would have to provide the details to shareholders and then get an independent report that would provide a valuation that either said it was fair value or not, and a recommendation to accept or not.
I think it could be a very attractive to the right player and though J&J through Jansen are logical, I could foresee a situation where a spoiler bid from another large player that doesn't want Jansen to tie up this technology into their business might eventuate. The list of potential bidders would be the who's who of Pharma.
Anyhow, just pure speculation right now.
With out seeing a bid it would be hard to say if it would be...
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