Q: Which of the following is the most like outcome?
a) Roche’s tender fails to obtain enough shares to continue with a merger, Roche withdraws the offer, and the companies return to business as usual.
b) Roche’s tender obtains enough shares to force a shareholder vote, shareholders vote in favor of the $86.50 price, and a ‘hostile’ merger is consummated at $86.50.
c) Roche’s tender obtains enough shares to force a shareholder vote, but DNA and Roche agree to a ‘friendly’ merger at a price higher than $86.50.