Using an industrial sized drum and shamelessly ladling it out with both hands, Ming observes that Pfizer has the stray $26 billion in cash on its books and is cursed with a withered pipeline. It could digest Dendreon with the interest it earns on that pile of cash several times over. This notwithstanding Dendreon's much vaunted "poison pill" and it's Delaware incorporation with all their hostile takeover laws. Postulate a laughable $12.50 bid. That's 250% of the current market price. Any Board of Directors that would refuse that sort of premium would be spending the rest of their collective lives in Court fending off shareholder lawsuits by those inclined to make their money in that fashion.
May 26, 2008
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