I think there will be a sell-off when market opens on Monday because people think AMGN overpays for the deal; but short term pain is long term gain. I, too, believe this deal is very good for AMGN long term.
Cant think of any reason for a sell off on this...market seems to like this deal and as someone said, if the market liked this deal at 130- they certainly like it better at 125...seems sort of like the godfather making OnXx an offer at 130 then they refuse, an so AMGN lowers their offer...
Am thinking though that maybe the push up to 112 a week ago was based on some merger arbs...maybe there was some short covering for merger arbs that erroneously thought this was going to be s stock deal.
Lets also face it- AMGN will have to issue debt for this if it is a cash deal and they will need various banker services so I expect a flurry of upgrades to come out so the wall street fat cats can curry favor.
If it is $125. per share, that is pretty close to Amgens first offering price and is at least realistic... not in the $140 dollar per share range that ONXX thought it would get at the outset. Not as many real suitors as they had hoped for.