Don't shoot until you see the whites of their eyes
I am not tendering.
Otsuka has offered to buy for $8.5. If they get enough shares tendered they will buy mine for 8.5. If not, they will extend the tender, Meanwhile, we have big money shareholders like Sarissa who believe this price is unfair and say they will not tender. I am on their side.
I didn't buy this company because I wanted to sell it for 8.5. Before the merger news, I thought the company was worth more, and I still do. If management is correct and the share price falls because the tender offer was dropped I am no worse than I was before the offer. I might even be in better shape as we will be able to see the results of trials. The company will continue to do its business and SGI110 will continue to garner more and more interest.
Manuso has said they will not take a drug into phase three without a partner, and I believe there will be enough interest to gain a partner. The threat that they will not have enough cash to take SGI110 through phase three is ridiculous and shows how self serving Manuso is. He is ready to retire, and he wants instant gratification.