5% committed to stopping the deal. Only need another 46% and the deal is dead. Plan to dance at the funeral.
OK. So there was some option trading right after the tender off was announced. There isn't any to speak of now and call options with a strike of 9 or above are practically worthless.
Top Institutional Holders
Holder Shares % Out Value* Reported
State Street Corporation 5,350,612 5.64 21,991,015 30-Jun-13
BlackRock Institutional Trust Company, N.A. 3,975,292 4.19 16,338,450 30-Jun-13
FMR, LLC 3,444,917 3.63 14,158,608 30-Jun-13
BlackRock Fund Advisors 3,288,629 3.46 13,516,265 30-Jun-13
Orbimed Advisors LLC. 3,256,100 3.43 13,382,571 30-Jun-13
Dimensional Fund Advisors LP 2,969,281 3.13 12,203,744 30-Jun-13
Vanguard Group, Inc. (The) 2,402,524 2.53 9,874,373 30-Jun-13
Franklin Resources, Inc 1,654,000 1.74 6,797,940 30-Jun-13
Perceptive Advisors LLC 1,649,423 1.74 6,779,128 30-Jun-13
Invesco Ltd. 1,375,742 1.45 5,654,299 30-Jun-13
Top Mutual Fund Holders
Holder Shares % Out Value* Reported
SPDR (R) Ser Tr-SPDR (R) S&P (R) Biotech ETF 3,481,845 3.67 18,210,049 31-Jul-13
iShares Russell 2000 Index Fund 1,596,147 1.68 8,347,848 31-Jul-13
Vanguard Total Stock Market Index Fund 1,235,249 1.3 5,076,873 30-Jun-13
Fidelity Small Cap Opportunities Fund 1,203,358 1.27 8,279,103 30-Apr-13
Fidelity Small Cap Growth Fund 1,100,000 1.16 7,568,000 30-Apr-13
Columbia Fds Ser Tr I-Columbia Small Cap Growth Fd I 983,900 1.04 4,771,915 31-May-13
iShares NASDAQ Biotechnology Index Fund 960,462 1.01 5,023,216 31-Jul-13
Powershares Exhg Traded Fd-Dynamic Biotechnology & Genome Po 960,005 1.01 5,020,826 31-Jul-13
Franklin Strategic Series-Franklin Biotechnology Discove 776,800 0.82 3,192,648 30-Jun-13
Vanguard Extended Market Index Fund 632,094 0.67 2,597,906 30-Jun-13
If you want to get out you would probably be better off selling the shares in the open market instead of tendering them. The commision should be less than the fee for tendering and you would get your money new instead of waiting until the deal closes at the end of the year.
If the shares are being purchased on behalf of the acquiror they effective own the shares and would have to report them as part of any filing.
There appears to be a lack of transparency here as there were a huge number of shares traded yet neither the acquiror nor any institution has reported a change of position.
There have not been any 13D or 13-F filings to indicate that any institution purchased shares in Astex. So if the buyer didn't buy them and the funds that held positions in Astex prior the merger announcemnt didn't buy them who did?
The market believes the deal will be completed. Since it will not close until around year end some shareholders are will be take a small haircut to get their month three to four months early. Normal arbitration.
You do realize that enough shares traded between $8.50 and $8.75 since the offer was made public for the buyer to have obtained a majority of the shares already via the open market. None of the institutional owners are a party to any of the lawsuits which seems to indicate that they will tender.
Unless, of course the attorneys you talked to have information which indicates otherwise.
Right now the stock is trading at the offer price which means the market believes the deal will go through.
If they knock 2% off the interest rate in the $1.2 Billion refinancing it will add $24 million to the bottom line.
If an institution tenders its shares they will still show up in the ownership summaries as owned by the institution.
Do you have a quote from the attorney on what apraisal involves and costs? Do you have enough shares to make an apraisal worthwhile -- assuming it results in a higher value?
Stock trading without a primium to the buyout price. Indicates the market thinks the buyout will be completed.