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Re: JJM760 post# 5672

Tuesday, 02/15/2011 12:16:15 PM

Tuesday, February 15, 2011 12:16:15 PM

Post# of 80490
This is the point...

it might be a tactical error if they ever did decide to make a move.


CEOs don't get canned for tactical errors -- e.g., paid $3B for take-over target when they could have gotten it for $1B.

They DO, however, get canned for strategic blunders -- e.g., paid $1B for take-over target worth $0.

MRK's c-suite isn't interested in high-beta biotech equity investments. They're interested in fostering a relationship that will position them to be the take-over partner when the drugs are pretty much known quantities.
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