I've asked mother market to drop
Sequenom (SQNM) to $21 so I can reload the position - a bevy of limit orders waiting. Missed it by THAT much....
Remember this will be a news event driven stock - end of January test results will cause a quite substantial knee jerk reaction one way or the other.
Sequenom made a
buyout offer for a small cancer test firm Friday.... 68% premium to closing price
- Sequenom Inc., which makes genetic analysis products, said Friday it is offering Exact Sciences Corp. (EXAS) $41 million in a move that would expand its testing products. The all-stock deal for $1.50 in Sequenom shares represents a 68.5 percent premium to Exact's closing price of 89 cents on Thursday.
- Sequenom said the offer would be subject to a floating exchange rate within a 15 percent collar, in which the price of Sequenom's common stock is between $20.74 and $28.06 per share.
....but looks like said firm - which apparently has 6 months of cash in the tiller - is
playing hardball. I can only assume they have a pundit advising them... much like
Yahoo (YHOO) or
Sandisk (SNDK) who after rejecting offers of buyouts in 2008, turned into death spirals.
- Cancer test maker Exact Sciences Corp. on Monday rebuffed a buyout bid from genetic analysis product maker Sequenom Inc., and analysts said the purchase isn't necessary for Sequenom -- meaning the company may choose to walk away.
- Late Monday, the board of Exact Sciences rejected Sequenom's offer of $41 million, or $1.50 per share, because it was pursuing an alternative that is more valuable.
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