this is exactly what I was thinking they should do, pay 15 and forget the CVR. They can have my shares today for $15, otherwise I will wait at least a little longer before deciding. They are probably buying all they can at $13.75.
Fifteen would probably get it done. Talk about lowered expectations. I was hoping for 18-20 after approval next year.
I'm still hanging on to the majority of my shares at just over 50,000. I sold about 30,000 into the run-up ( in the 12s) thinking I'd get a chance to buy them back a buck cheaper. Oh well. But I have no plans to tender at this price. I'll assign a risk rating to my dollars tied up here as something close to cash and wait for the process to play out. The CVRs might look cool in the portfolio for a few years. Whether they pay out or not, I'm definitely not selling them now for pennies on the dollar. And maybe I wake up one morning this fall to a better offer from Cubist...
My only regret is that I sold the last of my CBST before it hit 50. My original shares where all purchased under 10 years ago. I just didn't see this last spurt coming! Good for them.