Correct, closing is part of the negotiating process. But until it can be stated along the lines of "the partnership with X has been entered into on Y date and the terms are Z" and this information is made public, otherwise it is all speculation even if there is a partnership at all.
For the record I am of the opinion that they have been in talks, and that there may be a few house cleaning matters to address before any formal partnership agreement is signed off on. That is just my opinion. If I was in the place of BMY and MRK and possibly entering into a partnership agreement with a company that is currently undergoing an investigation, I would want finalization of the investigation before I signed off on a formal agreement, so as to avoid the risk of entering into a partnership agreement with nefarious characters (again I do not think Linda or management are nefarious or bilking shareholders, if I did I would not remain invested)
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