Fair Value Please, page-286

"Sumitomo will know that the CYP register is tightly held by long term, savvy shareholders and that OA is on the horizon and to be fully funded by the NHMRC. With that in mind, we know that their $2 interest is purely to look under the hood before they put their balls on the line and put forward a REAL bid that will need to be at least $500m to be taken seriously."

Perhaps Sumi knows that now - but didn't know it at the time they made their initial Proposal. I believe the ASX inquiry outed them.

I believe the next move is Fujis because Ross gave them an extension on the option and that pre-existing arrangement would be legal and would have to be respected by Sumi.

Fuji could conceivably (imo) get value out of just the GvHD option even if Sumi took over the rest because GvHD would validate their iPSC platform.

But in my opinion they will, unless Ross has some means of stopping them, play out the clock to the last moment to explore other options in light of the known Sumi interest and in their place I'd (assuming I was not contractually barred) reach out to Sumi perhaps to explore a possible joint takeover of Cyp (split the cost of GvHD quickly and avoid completing when they can joint lead the field). If they were receptive turn down the GvHD option. Wait see the price drop potentially. Then offer for the whole company.

To answer Ross would need to be ready for the move. In his place I'd announce CYP was going ahead with GvHD itself on the same day as Fuji didn't take up the GvHD option. Even if it required a cash raise.

Obviously I don't know all the details of any behind the scenes contracts.

There may be problems with the above I haven't identified. I'm just thinking out loud really. But I hope Ross is ready.