Tomorrow morning in 2017 I was downstairs around 5am checking out the markets, any updates from Asia and Europe drinking coffee. Little did I know within the next cup of coffee Ariad would be halted pending news. I quickly did a twitter search and someone had posted Taketa buys Ariad $24. I never returned to that cup of coffee as I ran upstairs to tell my wife the news ...who had no idea why I was so excited at that time of the morning. I proceeded to tweet Adam Feuerstein, who had reviewed his 2016 bio hits and misses stating his Ariad call wasn't a hit or a miss cuz "It wasn't bought". and continuing to claim he was Right about slamming Ariad all year. I tweeted him that he may as well admit that he was Dead Wrong. He proceeded to retweet my tweet admitted Yes he was wrong. It was a fine day
Speaking of fielding offers from potential buyers, in the United States a target company isn't necessarily obligated to disclose any explorations of sale or negotiations prior to a binding agreement You can say the same on the other side where potential buyers have no duty to disclose in advance that they plan to buy someone. So in AUPH's case, we may never know if they have already fielded an array of offers and even debated accepting one around the Board table. In Ariad's case, Paris disclosed in SEC filings close to Feb 2017 that three offers were submitted by Taketa and the third was accepted on Dec 25 2016. Merry Christmas lol.
The only time a company must disclose the acquisition is after a binding agreement is sealed, a negotiation between both parties will directly cause a material event OR when a buyer first makes a toehold position and must file a schedule 13D if ownership is 5% or more...and refile after any material change like an ultimate takeout of remaining shares.
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