The Way I See It! The Biovail Boys would have approached Bioniche in a non-confrontational basis initially. Bioniche shared confidential information with them, basically treating them different than the rest of us, which I do not like!
After several meetings over several months, they both came to an impass. Then the Biovail Boys discussed the impass with their 5%, and then sent the challenge letter, moving the amicable discussion into the next level which is now confrontational.
Further, I'd say the Biovail Boys have no more than 6 other shareholders making up the 5%. Seems like most of this posting crew were caught by surprise by this challenge, which translates into the fact that very few of us are included in the 5%.
As always the Rube keeps us on the straight and narrow with his near perfect attention to detail. Thanks RR!
The mere fact that the sp is going nowhere but down tells us this ain't good! This will rush Bioniche to make a deal, and we all know a rushed deal is never good. Graeme has gotten us all into this, and now he is likely writhing in salvage mode at a blind dead gallop. Happy days, eh?