I'm not buying into the "buyout is imminent" sentiment. AIS seems like a likely target, but the price and volume action today suggest that if something is imminent, it's a REALLY well-kept secret.
Regarding minority shareholders and any ability to resist: Forget about it. Like almost all public companies today, AIS has anti-takeover measures in place that effectively make a hostile deal impossible.
All that means, however, is that the suitor must seduce management into approving the deal. And assuming a decent premium over market price, management will assent. And so will the institutional investors, who never pass on a quick buck.
Insiders and institutions own 49.74% of the outstanding shares. It only takes 50% total to accept an offer. So if there is an offer, approved by management and at a premium to market, the deal will be done. Management never approves a deal without a premium.
In other words, it's up to management whether to sell, and if they give the thumbs up, all shares will be sold to the buyer, whether voluntarily or in a corporate transaction that forces the sale by minority shareholders. Fact of life.
This buyout talk seems to be monopolizing this board - I posted the
following previously- and I am so sure I am right I am posting it again
now - Adding in no uncertain terms that there is not a buyout for AIS
waiting to happen anytime soon and/or at anywhere near today's prices:
I don't exactly know what fueled this speculation or such thoughts, but
they are wrong for anytime in the foreseeable future...........
There isn't going to be a buyout anytime soon and when it does come
it will be at price satisfactory to shareholders.
I have always expected TEVA to acquire AIS on a tax free exchange of
their stock for ours- and that is my eventual exit strategy.
(now Watson and maybe even Pfizer can be considered as potential
I am also confident that the increase in share price and volume is due
to basically three things.
1. AIS producing a break even quarter and the elimination of a loss with
the very strong probability of a next quarter profit (which once achieved
will grow) and that is a defining moment for any company.
2. The very strong and optimistic presentation at the Cowen and Roth
investor conferences- Especially since our CEO - Dr. Wotton is know
for an understated - (under promise and over deliver) style of management.
Anyone listening to the web cast could not help but believe AIS has
a very strong future - which has already begun to take shape.
3. John Howarth becoming part of AIS' management team. His credentials
are impeccable and with management so critically important to any company's
success- he is a great addition to an already excellent team and his willingness
to join AIS should indicate his confidence in their future.
This is just the beginning for AIS - sure we will have up's and down's but
the direction is clear and that is way up.
I would be thrilled with a buy-out. There's always another stock. I'll take $10 for my shares right now & never complain. Most of you are FOS. If AIS got a buy-out you would be dancing in the streets.
Whogo..Find me another stock with the exact AIS potential and I will consider buying it.
Here is my wish list:
-company can have NO debt
-company must have at least 32 million cash burn
-must have SEVEN or more NDA/ANDA in the makes with FDA
-must have contracts already in the works with BIG pharma (Teva,Watson,Pfizer)
-chart has to be two year superior
-must have a potential "KNOCKOUT" drug/gel in the makes (NestraGel)
-and last but not least,must have a awesome YMB ;)
Find this company and PLEASE report back to me as soon as possible.Because if you find it,Antares needs to know someone is copy cat-ing them ;)
From Antares 10-K:
Anti-takeover effects of certain certificate of incorporation and bylaw provisions could discourage, delay or prevent a change in control.
Our certificate of incorporation and bylaws could discourage, delay or prevent persons from acquiring or attempting to acquire us. Our certificate of incorporation authorizes our board of directors, without action of our stockholders, to designate and issue preferred stock in one or more series, with such rights, preferences and
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privileges as the board of directors shall determine. In addition, our bylaws grant our board of directors the authority to adopt, amend or repeal all or any of our bylaws, subject to the power of the stockholders to change or repeal the bylaws. In addition, our bylaws limit who may call meetings of our stockholders.