Decode Genetics (fka DCGNQ)

[trader53]

Does anyone have an opinion about the stock price as it relates to this news ?

Judge Peter J. Walsh also gave an order granting sale procedures of deCode Genetics, Inc.’s assets on December 11, 2009.
Saga Investments LLC has been determined as the stalking horse bidder for the debtor’s assets with a purchase price of $14.12 million.
The offer consists of $3 million in cash and the $11.12 million DIP, provided by Saga.

According to the approved procedures, the deadline for submitting a competing bid has been determined as January 11, 2010.

Initial overbid should be of $0.74 million and subsequent overbids must be in an amount equal at least to $0.1 million.
The stalking horse bidder is entitled to receive up to $0.5 million as expense reimbursement fee and a break-up fee equal to 3.5% of the base cash price, if it loses at the auction.

In the event a competing transaction is submitted, debtor will conduct an auction on January 12, 2010 and the hearing on the sale approval has been scheduled for January 14, 2010.