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ViroPharma Inc. Message Board

  • nuhawkus nuhawkus Mar 28, 2001 6:06 PM Flag

    erniewerner

    I am addressing something about which I know very little but it seems to me that the possibility of a cheap takeover of VPHM would be more distasteful to the officers and directors of the company than it would be to most of us comparatively small investors. Could not the judicious use of the 12 million authorized but not yet issued shares coupled with the sizeable holdings of the insiders operate to prevent such an occurrance?

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    • "I am addressing something about which I know very little but it seems to me that the possibility of a cheap takeover of VPHM would be more distasteful to the officers and directors of the company than it would be to most of us comparatively small investors. Could not the judicious use of the 12 million authorized but not yet issued shares coupled with the sizeable holdings of the insiders operate to prevent such an occurrance?"

      Viropharma has about 15.5 million unrestricted shares outstanding. Company officers control about 1 million. Institutions control about 7.5 million. Not included in the institutions is a fund controlled by George Soros which owns 2.3 million shares. He also owns another 600,000 warrants. Small guys like us own the remaining 4 million shares which constitutes the "float." Viropharma does have a shareholder rights plan which would be triggered by any entity acquiring more than a 20% interest in the company. How effective it would be in preventing a determined suitor, I don't know? Hopefully, the Picovir partnership deal will incorporate some strong disincentives for a hostile takeover.

      As an aside, hostile takeovers in the biotech industry have not been very successful. There is a tendency for key personnel to take the money and run. I am a bit worried that Viropharma's current pipeline might be an attractive target.

      mpschein, good to hear from you.

 
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