where to from here ?, page-5

I dont think Valeant they will get the 50% of votes they need from Cephalon shareholders to change the board within the required 60 days , besides there has been something like all the Cephalon stock of 75m shares traded way above the offer price.

If they manage to get the 50% the new board will let Valeant do due diligence on Cephalon to see if it will increase its offer.

Then they will have to tender for the Cephalon stock which may take several months depending on their offer price but as Cephalon has stated to its shareholders no value in this bid from Valeant is considered for their pipeline of products expected to generate blockbuster sales.

Chemgenex wasnt named directly but i assume its one the ten late stage developments they have in their pipeline.

Regardless the takeover of Chemgenex will proceed regardless who controls Cephalon.