>If a company wants to make some sort of a low-priced takeover offer, it would make sense for them to first work the price lower and then make an offer which is well above the current trading point.<
Can you name even one documented case where something like this happened to a biotech company? I emphasize the word documented because you have a tendency to see enemy action in what others regard as routine.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”