Ann: Ceasing to be a substantial holder from MS, page-21

It's quite interesting reading what long termers are doing.

Personally I have sold some - to bag the profit and because I wanted to buy some other stocks. But I have held some, as I believe there is a real chance that BristolMS will want cavatak, as it helped their drug go from 11% to 60% (from memory) - that's an amazing increase.

As BMS's Nektar deal and Merck's latest deal prove is that $500m is very very cheap. ok we are not proven as much as the others, although there are a number of cavatak trials and all of the data has been good, especially the safety data.

So using those other two deals as a benchmark and not "sheer white noise" - even a $1b takeover is cheap.

So I would not be surprised if a counter offer came, but equally I would not be surprised if one didn't.

Cheers