The deal:
$164 million cash bid for Cypress Bioscience Inc (CYPB.O)
The offer is conditional to Ramius gaining control of at least 90 percent of the total outstanding shares and Cypress having minimum $80 million in cash or cash equivalents, Ramius said.
So... from the tender offer under the summary term sheet page ii
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7151709
Yes. We will need approximately $148 million to purchase all Shares pursuant to the offer not already owned by Ramius and certain of its affiliates
OH. THAT'S RIGHT. They don't need to rebuy their shares. LOL
So for 148 million (Not really the 164 million at first glance, right?) - they get the company and 80m in cash/cash equivilents.
Gee: What's up with my fuzzy math? Perhaps I need more coffee BUT
That almost sounds like they are really paying only 68 million for the company, and the pipeline?
What will Wellington Management think of that? They own 14% of the outstanding shares and are listed as the larget shareholder according to this...
http://seekingalpha.com/article/222814-cypress-risks-deepening-disquiet-with-another-spending-spree?source=yahoo
A mind troubled by doubt cannot focus on the course to victory.
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