it is probably not the right time to discuss this: the story is not over and emotions are running high. but i disagree with your personal attack: i am a pharma business development professional (worked both on client side and advisory). my argument holds: if a white knight does not show up, they will be at a weaker negotiating position. that is the risk they have taken. GSK is one step ahead; they waited for a while and now that there are no other bids they are pushing forward with their low ball offer. I was holding 20k shares and sold near $15.