cephalon worried..why else phone small holders, page-2

I don't think so. It's pretty common for a bidder to get a proxy firm to phone almost everyone on the register to encourage them to accept. Retail holders in particular can be pretty hard to move as most of them have a lot of different holdings and can't be bothered filling in forms unless someone harasses them. They are calling you with a view to getting to 90%, not 50%.