Biotech Values

[p3analyze]

Can the share buy-back be a take-over defense mechanism as well?
Who do you think will be the most likely suitor? Would the suitor want to wait till after the Apixaban and Ipilimumab trial results to come out? Does the timing of this split-off suggest the company believe those trials will be positive which would make BMY current shares undervalued? Why would a BMY share-holder tender shares if they also believe the same? Lots of questions. TIA for any insight?