Thanks for that. Interesting timing, this article; a last bear attack? Tanox shares had wallowed down 7%+ below the acquisition price until recently. I personally can't imagine what issue the FTC has with this deal. The slowing sales and black box warning were a far greater risk, IMO. You have posted something to the effect that the numbers still worked for DNA, and I agree. But having made a substantial portion of that 7%+, I had been debating taking my money off the table. The recent comment by the DNA CFO regarding the expectation of good sales growth makes the concept that DNA will walk away highly unlikely (and likely accounts for the recovery in share price). It makes me comfortable holding, considering that I think the market in general is way overbought. Seems like a good place to park the cash for a few weeks. Again, I cannot think of why the FTC would stop this deal; it's not like it gives DNA a monopoly in the asthma space, geez.
So I expect this to go through. Contrary theories welcomed -- or agreeing theories, for that matter.
What I can't get is Ventana (VMSI) and Roche. Anyone here following this takeout story? Arizona law seems built to prevent hostile takeovers, yet the stock price remains twice what it was before Roche started its tender offer, almost $10 over the offer price. And Ventana execs trumpet how undervalued their company is, hah. And the market is apparently buying it; the smart money must know there is a way around that outsider control law. I made a little, but 20/20 hindsight, sold way too soon.
I expect the story to drag on for a while, as no white knight has emerged for VMSI as yet. So it'll be interesting to see short interest figures for that one when they come out.
Regards, RockRat
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