Vid, I hear you mention 7's in your post. Good thing we didn't get bought at 7.50 last week. I bet a BP did not accumulate in the $5's so they could gain control eventually. phew! that was a close call.
BP should have followed the advice below, but then again ariad has no takers. Nobody is interested.
"A BP interested it acquiring Ariad only needs to slowly accumulate shares in the $5's right now and over time, they could gain control. Then, offer a slight premium with an offer of $7.50, and it is game over... Without the poison pill, this could easily happen. The release of the PP means they are desperate..
Interesting that Ariad didn't find a buyer. If the did, they could have easily removed the PP at that time. No takers.."