Abilify, one of the world's best selling schizophrenia treatments. They've been searcing for new products ahead of 2015, when its patent on Abilify is due to expire. ASTX is worth more than 9.50. Maybe they'll increase that bid IF the bid rejected.
Do we have reason to believe this was a bid? Or does it look more like an agreement. I think the latter.
I really don't know. The analyst quoted in the Bloomberg article, the one who confirmed the offer, made it sound like, to me, the price wasn't anchored in stone.
It only becomes an agreement when both parties signed the deal. Otherwise any suitor is welcome to look you over and see if you're worth more.
The good doctor will not entertain a sale for less than $15. Assuming a premium of 20% the stock will have to be trading at $12.50 before anyone will bid $15.
$16-18/share. And that's being conservative.