Salix is looking to get between 195-210 a share for the company, that is a 40-50% premium from the current share price of $140. By industry standards that is way overpriced. Industry standard is 20-30% above the current stock price. The buyers are arguing that the price is already inflated because of leaks to the market about a potential sale. They want to pay $160-170 a share.
The board is deciding if they want to roll the dice and wait for the IBS-D indication to strengthen thier case for the $190-210 asking price. They have been disappointed and delayed by the FDA before so it's a major risk. They expect without that approval the company shares will drop by 25% or more.
Some on the board want to wait it out, the hedge funds and institutions want us to sell now and lock in the gains and avoid the risk.
This sale will be delayed atleast a month while Salix tries to figure out what the FDA will do and if one of the companies will close the gap between the current asking price and what is being offered. Hold on tight.
The board is deciding if they want to roll the dice and wait for the IBS-D indication to strengthen thier case for the $190-210 asking price. They have been disappointed and delayed by the FDA before so it's a major risk. They expect without that approval the company shares will drop by 25% or more.
Some on the board want to wait it out, the hedge funds and institutions want us to sell now and lock in the gains and avoid the risk.
This sale will be delayed atleast a month while Salix tries to figure out what the FDA will do and if one of the companies will close the gap between the current asking price and what is being offered. Hold on tight.
Sale is postponed, insider information
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