I contacted Nick Woolf yesterday asking if 'equity participation' from Pharma would most likely be restricted to 5-10% through a placement at a significant premium.
Here's his reply...
Hi Tony
This is an interesting question. I agree that a Pharma holding 19.9% can essentially block any other takeover. We think up to 10% holding is ok and have some such discussions on going. Hopefully. Certainly not at a discount.
Best,
Nick
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