They may have had unsolicited bids that were non-binding and/or at preliminary stages. Don't think they have to disclose those. I think this is possible considering what they have got going. Maybe BI may have been one party.
All speculation on my part but don't think it is far fetched considering what Pharmaxis have got going for them and the current market cap.
I think one stock I own, a shareholder asked the question and the directors did say that interest was shown but indicative bids were not at 'fair value' so nothing came of it.
For you, if you knew this, you may be annoyed I imagine as you would want that presented to you for you to decide. Management may not want to do this because many shareholders (both instos and mum and dad's) may accept it and sell the company and their efforts short.
For me, I am happy that management value the company at such a level that they won't accept low ball bids. I don't like the SP trading sideways but IMO it is only a matter of time before this gets re-rated.
It may or may not be LOXL2 that does it but there are plenty of irons in the fire and a combination of them (huge uptake in Aridol/Bronchitol, upfront for LOXL2, bid from BI) may do it. Hopefully it is just one.
PXS Price at posting:
26.5¢ Sentiment: Buy Disclosure: Held
