Eyetech Provides Update on Status of Pending Acquisition by OSI Pharmaceuticals
You’ll recall my stance against the merger, as I believe it is unfavorable to Eyetech shareholders in the long-term, despite the short-term premium to market value it brings. Apparently, OSI is either re-thinking the merger (I doubt it) or using the ANCHOR study results to get a better price (I don’t doubt it). The merger is expected to close Monday. Given the market’s reaction (Eyetech is down over 8% and OSI is up nearly 2% as of this writing), most active traders seem to believe that the deal will be changed from its original terms. If Eyetech’s press release is to be believed, the company will fight hard to maintain the original terms on the original schedule. Do I think the merger will go through Monday as planned? I have no f***in’ idea, because neither side has enough of a track record upon which to make that judgment, and I’m not going to investigate the track record of every OSI board member (that’s what you should do if you want a better answer).
