My Analysis: No synergy value in valuation, page-10

Pfizer has incurred substantial legal fees for this TO process so far, hence I doubt they will just walk at any point

imagine the top executives have a meeting and are asked by their superiors why the deal is got stuck now

and the superiors say that they cannot afford to walk from this deal now for reputation and cost reasons

so I could imagine that the executives might say the following:

get the deal done, increase the price to the upper limit of the IER, that will give everyone a fuzzy feeling,

and it will save us a hell of a lot of trouble and legal fees doing it all over again, should the whole thing bounce

Plus we get the time advantage moving forward for winter season in the Northern hemisphere

Get it done!