Great News Out!
We have a stalking horse bidder! Many have said our drug isnt even worth the $275M floor price. I have said all along it will fetch $900M.
According to PACER DOC FILED Last night:
Accordingly, the Debtors believe that extending the bid deadline to February 10, 2015, with the addition of Valeant as the Stalking Horse Bidder will maximize value for the benefit of all stakeholders in the Chapter 11 Cases.
The company now anticipates the stalking horse bidder will maximize value for the benefit of all stakeholders. We are so close to auction.
Now, here is where it is interesting. Pacer document filed January 28th states document 321 shows PriceWaterhouseCoopers has requested the court to enter as a Due Diligence for a unknown bidder"
"A PwC team has been approached by a seperate clinet to preform buy side due diligence services including analysis associated with both financial and operational due diligence in connection with a possible bid to acquire estate assets."
Looks like someone else is about prepared to enter their bid.
Remember this is an auction, Like Poker, You don't tip your hand until the game is over. You dont go in with a high bid. You go in with a low bid and feel the auction out with a cap in mind. The fact that our first bid is above the floor price is great. This will only heat up competition.
