As of 09/30/2017: - Cash and cash equivalents $14.35M - Total current assets $14.96M - Total current liabilities $11.74M
Minus the debt/liabilities, there are only about $3M cash as of 09/30/17 for running the upcoming clinical trials. And for the current quarter (ended by 12/30/17), as analysts estimated Ocera to post a loss of -$0.20/share or -$5.5M/quarter (see Yahoo! finance page). Therefore, by now (12/07/2017) all of that $3M cash must be gone and Ocera is currently operating on debt.
If the tender offer is rejected by shareholders, Ocera will have to do a couple reverse splits and issue new shares for obtaining cash in order to continue its operations and this will cause share-price dropping significantly in the future.
Mallinckrodt (MNK) is a large pharmaceutical company with over $3.2B/yr revenue, they have the resources for continuing OCR-002 clinical trials, the chance for the drug to be approved will be higher and hopefully, we will be able to receive the final (3rd) milestone payment.
By rejecting the tender offer you don't know what the future of Ocera will be like, but by accepting the offer you know the exact amount of money you're going to receive.
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