The rumour mill, just for a change, called it quite correctly, both in terms of the timeframe for a deal, and the price on AAAP. This means that those traders who a minded to follow idle, spurious, and non multi sourced and stacked up information, may have journeyed from the mid $60s to the low $80’s now.
That said, you did not have to have the brains of Bertrand Russell in recent to work out that something was going on here in the M&A sense. So one guesses a reasonable number of hedge funds and wealth “managers” may have been on the good ship AAAP.
On the face of it the Novartis offer which amounts to $82 per ADS is a little shy of the rumoured $85, and the structure could be argued by some to leave the door open to rivals of Novartis to consider their own offers. We shall see.
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