Ann: Ceasing to be a substantial holder from MS, page-27

Some interesting posts here with quite different views were this is heading and what to do in meantime.
The view of selling some and keep some to cover both angles seems clever.
Initially didn’t think about that approach- however I would hate to cash in part of my holdings now and then a counter offer appears... after a decade I will just hang in a bit longer.
Yes shareholders potentially could vote no (which I think is unlikely going to be the case ) or something else could prolong the process. However Merck finally put their cards on the table - they want it and I don’t think they will let this slip, which is enough comfort for me to keep waiting.
As for BMS - we will soon find out what this is worth to them. If this is key for their future they will have teams working out details around the clock to come up with a counter.
However they might be comfortable for someone else to do the legwork to get the approvals and get it to the market - and then buy the product on the market with the money they didn’t have to spend upfront.
From a longer term outlook the first approach would make more sense - but we don’t know what other options they are investigating.
In regards of Lepu - I think our management started feeling the heat from the shareholders and obviously wasn’t sitting comfortable with the share price declining further and further even so when there were positive announcements. So when Lepu showed interest to jump on board they welcomed it to stabilize SP and gain some confidence again for their shareholders.
We were talking about upcoming TO for years and it is finally happening - shame our management didn’t manage to negotiate a more attractive price...