Biotech Values

[acgood]

<>Re: Progen-Avexa merger and Progen share buyback at AUS$1.10/share (~US$0.75/share)

Both companies' shares traded down significantly in Australia on the news, which surprised me because it seems a good deal for Progen. How would the mechanics of the share purchase work in the context of the Nasdaq traded shares (PGLA)? The volume is typically minimal (and zero shares have traded so far today following the announcement) but the price is well below the offered buyback price (just as the australian shares are). I guess some think they can get a better deal? or assume the repurchase will be oversubscribed?