Accord with the 9M fully diluted shares, $25M / 9M = $2.78 means the deal gives $2.78 per diluted share. But, how comes the stock trading beyond $3 PPS? Buy-side errors? Sell-side should short the stock to death!
I don't understand the valuation of the buyout here either. At the annoucement of the deal, it traded around 2.40 which is closer to numbers. Then soon after, some large institutional purchases came in that put it up over 3 bucks, some of the names (see sec reports of large holders) seem to be playing some sort of arbitrage game leading up to the closing of the deal.
In any event, with the lack of any significant price movement or volume after the actavis settlement, I'm begining to think the settlement was already baked into the buyout price, and was considered as a sure thing when they shopped the company with anyone else prior to PTX.
Likely all the recent buyers that drove the price up over the 2.40 PPS after buyout announced, as an arbitrage scheme, will vote their large blocks of shares for the merger, so it is a done deal and there aren't enough votes from us little guys (combined) to stop it now.
I think, unfortunatly, that the SOMX tragedy is over. I think PTX might be able to do something with Silenor. At least I hope.