CP,
If it's not under dispute, as you said, then you have to recognize that a hostile takeover, while on the surface could appear to negatively impact shareholders, may actually benefit shareholders. So, it absolutely is in direct response to your comments about the poison pill.
PPHM management has done nothing (I'll repeat that for effect), nothing, to create value for the long shareholders when considering scientific development of it's drug pipeline and PPS. Yes, they have tried and may get an A for effort,....but failure is failure and they get an F for result. By that alone, and possibly in this case alone, having a poison pill in place may actually be hurting long investors.
The only thing we don't know to answer that question is, 'could another company that assumed PPHM through a hostile takeover possibly do any worse?'
I'll leave you with that question to ponder.