Nope. It's highly unlikely that there will be a bidding war. Section 11 of the proposal basically forbids Resapp from engaging with alternative bidders. Specifically:
11.2(a) Resapp are not allowed to invite alternative offers
11.2(b)(i) Resapp are not allowed to engage or negotiate with a third party in response to any unsolicited approaches
11.2(b)(ii) Resapp are not allowed to provide non-public information to an alternative bidder (i.e. no due diligence access to be given)
In addition the directors have all promised to make efforts reasonably requested by Pfizer to promote the deal to shareholders (5.1(l)).
So the door is shut and locked in the face of all potential alternative bids and the directors on whom we should be able to rely to protect our interests have sacrificed their freedom of action and are now subject to the directions of Pfizer.
The only satisfactory recourse I can see under the circumstances is to vote down the proposal and follow up with an EGM to elect an alternative board.
RAP Price at posting:
11.0¢ Sentiment: Hold Disclosure: Held
