Capitulation time for Bionomics?, page-15

Just to inject some reality into the conversation, for the time being, Merck will not be too worried about the value of the company as far as the ASX is concerned. They have run their ruler over BNO many times now. They know what it might be worth to them (or they know what they might pay for it, at least). They will have sensitivities calculated on positive and negative results from the Agitation trial, as well as a view as to the value of anything else that may be of interest to them. And, as far as any contractual payments are concerned, Merck will meet them when they fall due.

Practically, Merck will have a value and it may be close to the value us punters have given it (by virtue of the SP) or it may not be. The value that Merck sees in BNO will drive their decisions. And for the final reality check - Merck will walk away if they don't see any value in the company and they will continue to engage with BNO if they do see value. Of course, it is up to the Errol De Souza to explain where the value lies. GLTA.