cephalon takeover, page-13

Hi all.

Well, what a joke. How can the board unanimously recommend a t/o at 70c? They talk about premiums to the current price, and the VWAP etc., how about a discount of about 30% to the share price last time we got close to an FDA approval. At the beginning of 2010 the sp was about $1, and I recall brokers sp targets of $1.40 or more.

By taking up the option of 19.9% at 70 cents, Cephalon have announced to the world that they are happy with the data, they think 70 cents is a good price, and they think we will be appd by the FDA and EMA next time around, which is not far off.

If the ann today was just that they were taking up the 70 cent option, the sp would had to have moved close to that, or maybe even more given the confidence in FDA success. If they then launched a t/o next month, it would be at zero premium to the sp. Could the board seriously recommend that?

Regards