Eel, I pretty much agree with your view on the psychology of 50%...

Eel, I pretty much agree with your view on the psychology of 50% vs. 90%. The debate is really about the definition of "medium term".

There is definitely a scenario where they close this bid with less than 90% and have a second dip at it in the "medium term". I expect Ceph's view on this will be partly based on 621's timeline to FDA approval (ie. could be years rather than months).

Bryce, sorry to say "I told you so". Extension was the sensible move at this point. I'm surprised they extended for a month though. My money was on 2 weeks.