Most of your assumptions are based on the idea that HGSI's BOD will not let the company go at these levels. Unfortunately, it's not entirely their choice. Keep watching groups like Loomis Sayles to keep track of the massive blocks they own. The question becomes does the BOD have the support of groups like Loomis or does Glaxo have that support. The stock became so weak for so long. Groups sympathetic to Glaxo could have easily picked up huge percentage stakes.