The market thought it was a poor deal and Biota' share price...

The market thought it was a poor deal and Biota' share price continued to fall in the days, weeks and months following the proposed merger announcement

The independent expert thought it was a poor deal for Biota shareholders, and communicated this to the board.

NABI institutional investors thought it was a poor deal for them and planned to vote it down.

It sounded like a no win deal

BUT

NABI Iinterests successfully got the Biota board and management to relent and give them what they wanted. EVEN though all the signs were that this deal was questionable.

It could have been abandoned, but this ill-thought out move ploughed ahead anyway.

Biota board and management kept on saying that this move would make shareholders wealthy. And we found out later this was just a belief and not based on any factual analysis