I think that some opportunistic investors (including myself) are...

I think that some opportunistic investors (including myself) are looking for ;

- a last minute sweetener next week by Merck to ensure that they get a "yes" vote, or
- potentially a disruptive superior offer (from a Chinese pharma ?) a la Sirtex. Given that Merck's in the driving seat with the option to match any competitive offer, a serious potential bidder would wait until the last moment to submit an offer in order to get the shareholder meeting postponed or force a "no" vote. In this case, the bidding process could continue on a level playing field after the dust settles. There's no point in going in early as it would give Merck time to get the internal approval to match the offer.

With regards to the competition, IDO inhibitor combos were expected to be the next generation of immunotherapy treatments but these have bombed with all late stage trials having ceased prematurely. The Nektar/BMS combo deal (worth up to US $3.6B) looks like it isn't performing as well as previously expected.... pls see following.
Www.endpts.com/the-top-winners-and-losers-on-asco-abstract-night-loxo-blueprint-jounce-merck-kgaa-and-more/

All IMHO. Obviously, I'm still hopeful.
GLTAH