Biotech Values

[DewDiligence]

Is BFRM trying to buy THRM?

THRM announced last night that it received an unsolicited buyout offer at $5.50/sh from an unnamed suitor. This is an 82% premium to THRM’s closing price on Wednesday:

http://biz.yahoo.com/prnews/080820/aqw099.html?.v=58

Today, THRM was up 44% to 4.31, a 22% discount to the nominal buyout price.

So why do I think BFRM might be the suitor? One reason is that both companies are focused on aesthetic medicine. A second reason is that BFRM was due to report its FY2008 financial results today and had issued a PR about conducting its regular quarterly CC today at 5pm ET.

But now—poof—the PR announcing BFRM’s CC is gone:

http://biz.yahoo.com/cc/8/96648.html

How do I know the PR really existed and I’m not just imagining it? Well, here it is on Google (it’s the first hit):

http://www.google.com/search?hl=en&client=firefox-a&rls=org.mozilla%3Aen-US%3Aofficial&q=bioform+conference+details+live&btnG=Search

Hmm…


“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”