Cmon guys, this is not a sensible discussion (in my humble...

Cmon guys, this is not a sensible discussion (in my humble opinion). As a reality check Milford is a sizable shareholder too now and in their words "We can get Neuren to $10 on Trof alone". Why would they accept $9? Milford, like the other institutional investors in Neuren, are on board to get the maximum return for their shareholders. Selling out now for $9 a share (or $19 or $29) would not meet that goal for anyone.

Any TO will/should be based upon the discounted future value of Neuren's pipeline and cashflows, not on a multiple of the current share price. Calculating takeover values based on multiples of the current share price is back-to-front logic.

To me its been clear Neuren's strategy is to get FDA approval, ROW deal + 4 Ph II results before considering any TO. This makes very good sense from a maximising shareholder value perspective. This would suggest any TO discussion is likely premature before at least mid-to-late 2023.