I agree that the board should (and likely will ) dismiss this offer, but I think if there is a delay we can begin to hope that there is another party lurking.
Reason being they might just as well leave the offer hanging rather than shun it if there is a second party nibbling.
Ah..but I have to say I thought we'd be seeing 50c and not this level. At least someone is happy to soak up the shares, lets hope that is another pharma company getting into position!
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