>>Once a deal is in hand, the acquired company generally wants to talk down the competitive interest. This encourages shareholders to approve the deal in hand rather than holding out for something better, which would typically incur a breakup fee and might cost management a big payday.<<
Clearly not relevant to the MLNM deal. I'm sure 99.9% of shareholders were delighted to get $25 per share, double the stock price a few weeks before the deal was announced and well beyond what any sensible valuation would have suggested. Heck $8.8B for MLNM's share of Velcade, dwindling Integrilin royalties and some early stage molecules was not going to be turned down by shareholders in 100 years. Especially with MLNM's long history of pipeline failures. (They acquired Velcade, Integrilin and Campath.)
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