Biotech Values

[DewDiligence]

BMY extends the MJN tender expiration from Dec 14 to Dec 17
and increases the upper bound of the exchange ratio by roughly
5% (from 0.6027 shares to 0.6313 shares):

http://finance.yahoo.com/news/BristolMyers-Squibb-and-Mead-bw-826336452.html?x=0&.v=2

Clearly, BMY is delaying the expiration and sweetening the deal slightly because the response to the tender offer to date has been anemic. (Evidently, many shareholders concur with the three bulleted points in #msg-44176162.)

The new pricing period for setting the exchange ratio is Dec 11, 14, and 15, and the announcement of the final exchange ratio will come before the market open on Dec 16 (rather than Dec 11, as originally planned).