QCOR filed an 8-K this morning to amend their previously filed 10-K. I'm sure this was done in response to the SEC reviewing the MNK/QCOR proxy statement that has been held up. Due to the nature of the transaction the SEC has taken a hard look at the disclosures the companies intend to make in the proxy (including the incorporated FS and 10-K filings). As such, its not uncommon for the SEC to require amendments to disclosures in previously filed FS (10-Ks). As QCOR pointed out, no changes were made to the IS, BS or CF statements of QCOR. The SEC simply wanted QCOR to provide additional clarifications and disclosures in various areas of their previously filed documents. Again, this is not unusual and based on my review of the 8-K filing, in my opinion, the additional disclosures should not set off any bells or whistles. The good news is that I expect the proxy to be move forward from here. It wouldn't surprise me at all if the proxy is sent out to the investors within the next 30-days. I still believe the deal should be able to close sometime between September 30, 2014 and mid-October. I expect the spread to start to close once earnings are released and more specifics are known about the proxy timing. Both events should put a lot of pressure on the shorts. Consistent with other posters, it wouldn't surprise me if MNK runs above $85+ and QCOR breaks $100 in the next 30 days. Slow and steady! Good luck to all!
The NYT article is old news too! I find it funny considering that many of the people that reported adverse events have numerous ailments and take many medications, any of which could cause these adverse events. To try and imply that Acthar "causes" 5% adverse events is just poor reporting. In addition, the Time's article doesn't specify the types of adverse events. Many of the adverse events, even if caused by Acthar, that are highlighted are minor and non life threatening. Why doesn't anyone talk about the thousands of people each year that have no adverse events and are receiving real benefit using Acthar against many disabling diseases. Slow and steady! Good luck to all!
agree w/ much of what you said, esp the gap closing and MNK/QCOR both moving higher $100+ QCOR is a no-brainer(even before the deal closes). the only difference is that II'm willing to wager $1 (Trading Places bet) that this deal closes BEFORE Sept 30th...come on Mortimer :)
Note: If the Proxy comes out within the next 9 days, they can probably still use the July 9th record date of holders. If so, I think this deal can still close anywhere between the end of Aug to early Sept.
Thanks for the comment. I do believe the gap between MNK and QCOR will close as the likelihood of the deal happening increases and clarity regarding the proxy timing and Q2 earnings becomes clearer. I actually gave a range of September 30 to mid-October but I believe the deal closes on September 30. How's that for putting my neck out there! LOL…..Slow and steady! Good luck to all!