Copied from another thread ,may have some relevance to IMU ,...

Copied from another thread ,may have some relevance to IMU , make of it what you will
Here is a chart on Anacor from then...
Two things that I have seen, time and again, to consider re T/O's...

1. Usually BP premiums are anywhere from 50%-400%. Rarely if at all, is it more than this - I have not seen many cases of greater than this - happy if anyone has examples to show me. The reason usually BP buy things, when they have advanced post Phase 2. So if they were considering BOT, they may buy, when it is 1-2Billion MC, maybe buy for 5B. But they will rarely buy something worth 100-200Mill for say 5Billion.

2. But before the T/O - there is almost always a shake-out or down turn before the Premium. Almost always you see the SP dip for an extended period before the buyout. Retail get out, thinking this is going nowhere, then suddenly TO comes.