The original schedule was scheme booklet despatch mid May,...

The original schedule was scheme booklet despatch mid May, meeting and vote mid June. Pfizer and BOD's expectation was no news until end of vote to affect the T/O. It was unexpected that IER lower value turns out to be more than 11.5c, which will delay the process for 2 month. The board knew there will be a few Anns on the road including qtrly so the final IER lower value will be more than 14.6. This was the reason they suggested Pfizer to adjust the offer to 20.7c therefore the offer may still be in the interest of SH.

The interesting thing here is Pfizer did not agree with that with their wits. This might be
A They don't mind the IER says the offer is not their best interest, they are confident about negotiation power upon BOD. To waste another 2 month will only be a torture for SH no voters. The scheme has restricted BOD no shop no talk, plus the 6 month honeymoon R&D relationship will last till 11th Oct, they have time for the show while not delaying the research.
B They don't want the SP go straight to 20c. Staying at 13c as long as possible can lower everyone's expectation
C Pfizer does not believe 20.7 could be the winning price, or even higher than final IER minimum price. There's no reason to compromise advantage to raise the offer immediately.

We now know Pfizer strategy is the slow cook 'friendly' acquisition. They put on safe bet to get BOD under their control, and tormenting SH as long as they can. On the other hand, if they offered 30c in the first place, the T/O might has been completed last month simple and straightforward. Now even with 1 cent increase in IER lower value, the scheme has to be delayed another 8 weeks with another TH and round of negotiation so on. The good thing is we are getting clearer about BOD and Pfizer's intention, most importantly, how valuable it is for No voters not to sell or change mind.

Enjoy the rest of the weekend everyone.