cephalon worried..why else phone small holders, page-8

Risky to assume they will offer the same at a later date. There are many possibilities but here's a few:
1. They may offer more in a later takeover offer - I'm not sure why they would do this.
2. They may offer less in a later takeover offer since the control premium is gone, they already control it.
3. Sit there as a majority shareholder with board control and let the cash run down as they do large clinical trials. They may even do a capital raising before results are known.
4. Make no offer at all and just buy gradually on market (3% every 6 months). This only really works if they get close to 90%.

I doubt hedge funds would have the stomach for this.