An interesting report.It is a win win situation for both US...

An interesting report.It is a win win situation for both US companies at present with Valeance (VRX)up 13% last night on volume of 19.7 million and Cephalon (CEPH) up 28% on volume of 41.6 million.CEPH closed at $75.44,a few dollars above the $73 bid and the volume was almost 60% of the issued capital.
This is a link to the VRX website and has copies of the letters from VRX to CEPH.

http://phx.corporate-ir.net/phoenix.zhtml?c=90887&p=irol-newsArticle&ID=1544032

They make interesting reading and it is a pity we don't see such releases in Australia.

As VRX thinks it would be better for CEPH to have the cash rather than CXS I guess that if they are successful with CEPH they will be looking for CEPH to wriggle out of the bid or failing that to close the bid at the first opportunity when acceptances are still below 90%.

Interesting situation but I don't feel inclined to rush into CSX.