Takeover Offer TimingIf I were Endo and if I wanted to make a takeover offer, WHEN would I do it? After the FDA announcement in April? That would mean Endo would pay a lot more. If they want to pay less but take more risk, they would make the offer before the FDA announcement.
If Endo wanted to get all shares tendered to an offer prior to the FDA announcement, then they would have to announce an offer in early March. This would give time for a fairness opinion, if required and let shareholders have the required 21 days to review the offer documents.
I'm wondering if Endo announced their ROW option decision 5 months early to make it a cleaner fairness opinion. I would not be surprised to see a takeover offer in the next 2-3 weeks. Then shareholders would have to make a decision: A bird in hand vs two in the bush.