Cephalon were obvously informed of the results of the phase iia...

Cephalon were obvously informed of the results of the phase iia trial before the bid. This way they still had time to promote their 'huge premium' case.

Arana's new CEO hasn't even bothered to respond to the market but the special dividend says he also approves of this very low offer (which is not special at all because it is being deducted from the offer).

At least the offer has established a rock bottom valuation for the company.