I wouldn't think we are looking at a possible t/o - just a decision on whether Cephalon will exercise their option to purchase shares at 70c.
I think I'm right in saying the deal was structured so that Cephalon don't have to launch a t/o bid.
As I see it, a yes means they think it will get through the FDA next time around, and a no means they don't like its chances. Fingers crossed.
Regards.
promising biotech, page-15
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