Share Price, page-11257

Interesting idea about the contract possibly being a defensive structure, it's hard for me to see it but I take your point.

I've been wondering about the DCF valuation that's been mentioned as well and how that might supersede any attempt at a takeover based on share price premiums. Over the past few presentations Jon's been involved with, it's quite clear to me that for all his efforts in trying to keep a lid on their plans he has made more than one "Freudian slip" and given a glimpse into what Neuren is aiming towards. That is, a takeover on their terms.

A valuation based on DCF, adding value to the company at every possible step, the mention of Reata and that Jon thinks Neuren is worth more than Reata via more indications they're aiming to treat etc etc. The language points towards wanting to be sold, for the right price.

This is a wild theory, but I wonder if there are some BP already lined up to enter talks post FDA meeting whereby these select companies will compete in an auction. These companies know the ballpark figure Neuren is looking at, but nothing happens until post-FDA. These preliminary discussions serve as a bulwark against inferior bids from interested parties and aggressors, for example an offer comes in tomorrow for $4 billion and Neuren is forced to disclose per the rules but recommends not to accept. The preliminary discussions with the bulwark parties becomes offical and disclosure is made either via Neuren or these bulwark parties announce their competing bids against the inferior $4 billion. I'm not sure if this strategically sound or even possible. But I'd like to think that some companies who are desperate because of an impending patent cliff or similar are prepared with knockout bids based on what they have determined through their discussions with Neuren thus far. A low bid comes in, it triggers the waiting companies in launching their bids. OR nobody offers anything in the interim and Neuren eventually chooses a suitor based on these preliminary discussions post FDA meeting.

It's a disconcerting thought to imagine the company could be sold for $25 a share, Neuren essentially a sitting duck waiting to be taken out for peanuts. You've got to hope Neuren has a defensive plan.