Amylin (AMLN) rejected 22$/share offer by BMS in March 2012
Amylin (AMLN) rejected unsolicited 22$/share offer by BMS in March 2012 according to bloomberg,
they explored a sale process and got sold for 31$/share on 30th june 2012.
Learning: The amylin story tells us that unsolicited bids are generally and obviously far away from the best ones, so as the bidder can come up with revised higher bids if initial low ball bids are rejected.
Now, if we apply the learning to Optimer, which rejected 20$/share offer by Cubist according to Reuters(reported on May 15), we should be getting 20/share AT LEAST, or more..
that makes a 50% upside from taday's close of 13.36
not a very good comparison. AMLN was under pressure from a large shareholder--Carl Icahn---who owned about 15% of AMLN in the low/mid 20s---only to see it break below $10. AMLN management was a bunch of dunces, took on debt to get rid of their major partner---LLY---and made bad move after bad move. BMY ultimately saw an undervalued asset & started the ball rolling. Not similar to OPTR---though I sure would like the same return as AMLN (+200% !).