I think the reporting requirement is triggered with each additional 1% accumulated (filing requirement) - but trigger for a takeover includes other factors. I think Exelixis has a "poison pill" that kicks in if a single entity acquires 15% of the company.
It's interesting how EXEL is trading - nothing for the last few years seems to have leaked. But based on message board activity here, I'm almost certain that something will happen in the next week or so. Certain posters go quiet, others get more active. Just a gut feeling.
It's an SEC requirement to file a form when you hit X% (5% I think) of any public company. This is just a disclosure requirement - and when its a stock trading company, like Wellington, it likely just means they hold it in one or several of their larger portfolios. Sometimes, you will see a weird holding company, or in rarer cases, an actual competitor or interested third party, which could be indicative of some sort of potential M&A type activity. However, in those cases, they would typically "creep" up to the reporting threshold "4.99%" and then buy up to the max before triggering take out provisions, at a strategic time (i.e. coinciding with a hostile takeover bid). If you look back, you'll see the larger stock trading institutions files these regularly whenever they pass the "reporting" threshold. So, in other words, could be interesting, but probably no big deal.
Market offering? I honestly can't believe they would consider it at this price point - do you truly think they would have a shred of credibility left with institutions if they tried to pull that off? How would they even market that - oh, we were worth $8 in Q1, but we're worth half that now, so you should definitely buy again and lockin your loss...??
Agree - based on their actions to date, there's no indication that EXEL would just "give" Cabo away, based on largely Cobi pricing. If anything, I could see EXEL selling the Cobi asset, say for $600-800M, which EXEL could then use to wipe out its debt and fund Cabo trials for the next few years. Mgnmt has been touting Cabo as a pipeline within itself and it would be irrational for them to sell it for nothing. Seems more likely for Roche to cherrypic the asset, than take over the entire company.