There won't be a buyout, company adopted the Poison Pill. This thing will climb on it's own.
"Flailing Ariad swallows poison pill to fend off takeovers"
November 1, 2013 | By Damian Garde
With a plummeting share price and grim prospects for its lead drug, Ariad Pharmaceuticals ($ARIA) is adopting a shareholder rights plan to deter would-be corporate raiders, a move to protect what little value it has left.
Under Ariad's poison pill plan, if any investor buys more than 5% of its common stock, new rights kick in allowing other shareholders to buy up stock at twice the market value, effectively diluting the bidder's percentage and thus scuttling an "unintended ownership change," as Ariad puts it. In keeping with most poison pills, the company retains the right to make exceptions and can ditch the plan at any time if it hears an attractive buyout offer.
Poison Pill adopted to fend of HOSTILE TAKEOVER at suppressed stock price. If a reasonable offer comes in management could consider it. Again, reasonable and management knows what there drug is worth and PIPELINE.