"Cephalon?s wholly-owned subsidiary, Cephalon CXS Holdings Pty Ltd, intends to make a takeover bid for ChemGenex"
Note it says "intends to make an offer". It has not been made yet!
From the ann on the 30th
"Under section 631 of the Corporations Act 2001 (Cth), Cephalon is obliged to make offers to ChemGenex shareholders within 2 months. There is nothing in the bid conditions announced on 29 March 2011 which allows Cephalon to terminate its offer because of a change of control in respect of Cephalon, Inc"
Even if they do make the offer, there is no guarantee that it will still be at the previously advised price.
Hence the market is discounting the SP below the indicative offer price.
I am writing to the Chairman suggesting that the Board and Management should hand back their free options (and give themselves an uppercut) for their abject failure in all respects of running this company. If you feel as I do, please do likewise.
CXS Price at posting:
64.0¢ Sentiment: None Disclosure: Held
