63 Million Shares traded since announcement, page-37

I don't know why so many people are getting their undies in a bundle.

It's fairly straightforward, currently, the value of VLA is the offer on the table (AU$1.75). VLA will only be worth more in the market if a superior offer is made before the vote which is a possibility I am holding out for. If that superior offer does not materialise, I will be voting YES. Do I think VLA is worth more to Merck, probably, but why would Merck put in their highest offer if they can get it for less. Nobody goes to an auction and starts by bidding their limit on the opening bid.