important info for shareholders, page-11

Red, I agree it is taking ages for them to get acceptances but that's common. Plenty of bids hang out there for months. I am working on one that was announced back in November and it is still going. I doubt it is going as well as Ceph expected but I also doubt they are in as much of a hurry as people think.

On getting to 50%, I guess that's just my gut feel. Most of the shares going through the market will be bought by hedge funds and they always accept the offer. If the bid is open long enough hedge funds end up owning most of the company. Virtually all bids with a 50% condition eventually get over 50% -- unless there is a higher bid from someone else; that seems more and more a bleak prospect here.