I have been following discussions on the above RAP thread today. The bottom line seems to be:
- Pfizer has made their first low ball bid to test the waters. The SH clearly don’t like to sell the company on a 30% premium which is way below previous highs, and future revenue potential, so all SH are determined to vote NO.
- Pfizer is also funding $3Mn for Covid trials which RAP gets to keep IF the BOD gave support for the TO deal, which they did but don’t believe it to be the final offer. With the $3Mn RAP now gets to keep they have avoided an imminent CR.
- The Pfizer bid limits the BOD from soliciting other offers but doesn’t stop them from receiving higher bids or taking them to the SH.
- It is an interesting contemporary case study for me to watch learn how the games get played and what will be the final sale price and deal terms.
Industry news, page-581
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