This scheme is different to anything I've seen before and it's...

This scheme is different to anything I've seen before and it's hard to unpack. The hope is the board is playing a hand worthy of Machiavelli. To really tell what is going on we need a few more pieces of information i.e. the quarterly and any more bids. If the quarterly is rotten and no bids substantiate, it looks as though Pfizer get this at 11.5c. My rationale being that a rotten quarterly will spook shareholders enough to take the offer. A great quarterly (~$500k+) makes this deal look sicker than it does at first glance. Revenue of $500k annualized with a growth bonus equates to $3 million, which puts the deal at 33 times revenue. Which is easily what the value should be without a takeover bid in play. Obviously, other bids will also put a cracker under the share price.

The quarterly drops in two weeks. This will be the most important quarterly in the companies history. A cracker quarterly negates the need for a cap raise or take over. It sets RAP up fro 11.5c biannual dividends, not a one off payment for giving up.