Doc Logic, Thanks for your thoughtful reply. I agree. Any formal buyout would legally require shareholder approval and would likely be contingent upon MHRA clearance.
My post, however, was narrowly focused on the timing and structural implications of the Advent acquisition, not the full procedural path to a deal. You're absolutely right that the board would issue a recommendation, and depending on the governance structure, it might take more than a simple majority to override it.
But the deeper question is: Why unify the full stack (manufacturing, IP, trial data) right before a regulatory decision, after firewalling it for over a decade? That firewall, in my opinion, was strategic, as it prevented hostile takeovers, preserved licensing leverage, and kept NWBO structurally unattractive to opportunistic bidders.
Collapsing that firewall prematurely (without a deal in motion) would expose the company to acquisition risk at its most vulnerable moment: before regulatory approval, before market validation, and before any revenue. It would mean giving up the structural defense that protected the crown jewel, DCVax-L manufacturing, without securing a strategic upside in return.
So, unless a deal was already made (on the condition of shareholder approval, of course), the timing makes little sense. LP, with merger and acquisition experience, wouldn't dismantle a major defense mechanism unless her next move was already locked in, rendering the mechanism obsolete.
So yes, the mechanics matter. But the timing feels like a setup—not for defense, but for something strategic.
I appreciate your engagement—these exchanges help sharpen my lens.
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