I sold for 5.5. was looking stupid there for a while... In biotechs the price is just a guessing game. just follow the fundamentals the best you, and you will come out ahead (easier said then done).
Pathetic is my initial reaction. I shouldn't really be complaining much at all since I basically tripled my money on ICGN. That said, one would think an existing share price around $8 would increase the acquired company's negotiating leverage. I was holding on for $10+/share since PFE already owned 15% of ICGN and $10/share would have still been a sub-$100M buyout, which is chump change for PFE. What's pathetic is that there aren't even any contingent value rights attached to the offer. Just a simple $6/share offer. I would have preferred that ICGN would have said no to any deal offer under $10 and cease talks if need be. While the stock would have dropped, I still think it would have been significantly higher than it was when PFE came public with their interest since PFE would have still obviously had the ongoing partnership with ICGN for the novel pain drug. And I would have preferred that ICGN just did an offering to raise some cash and continue on independently. Keep in mind that ICGN was going to get $10M anyways just for PFE taking the pain drug in to Phase 2, which kind of seems like a foregone conclusion. All told, bittersweet feelings over this.
ICGN shareholders tendered enough shares to PFE to give PFE a majority of the shares outstanding on a fully-diluted basis, which makes the merger a fait accompli:
The only question is whether PFE will have to conduct a (dummy) vote of ICGN shareholders or whether PFE will be able to close the deal via a short-form merger, which does not require a vote.
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