I believe once an offer has been made with or without...

I believe once an offer has been made with or without conditions, the offer would need to be advised to the Market. [Via the asx] Even if the company has not made a decision to accept or reject the offer. E.g they can advise they need time to consider.

According to the ASX reporting rules, a biotech company may not be required to report ongoing discussions with potential partners or buyers unless there is a binding agreement or a formal offer to consider. However, the biotech company should exercise judgment in determining the materiality of the information and whether it may have a significant impact on the company's share price. If the discussions are at an advanced stage or if they involve material terms that could affect the company's future prospects, it may be prudent to disclose this information to investors and the market. Ultimately, the decision to report this information will depend on the specific circumstances and the company's assessment of its potential impact.

There are other processes like MOUs [Memorandum of Understanding] where both parties can say they are discussing a merger or take over, or collaboration. But the other party may not want the opposition to know, as its not necessarily binding if a better offer comes in.

I think we just have to wait, see what is happening to the board and the CEO and take it from there.

Hopefully NZT is right and hear today or tomorrow morning.