Confidentiality and intangible assets
I am beginning to feel sorry for you.
Bidder is trying to put a price for all the scientific value / merit of TLN. This company is based on intangible assets.
The sole reason why you sign a confidentiality clause is for bidder to get the info they need to bid and for management to protect company secrets.
It prevent theft from bidder.
TLN has 5-10 years advance on competition as to M2PK research and Ras-path understanding.
Bidder is a sophisticated Pharma, they could copy and start designing a similar molecule based on the mecanism of action of 232 and 4601.
That would be unfair... to say the least....
Also, strategic review gives time for everyone to prepare themselves.
Independant review board could then recommend to shareholder to take or refuse an offer. Also, it prevents an open hostile take over from happenning while the review is in process. Any sales would be delayed until the completion of the review.
It's all about valuation and competive advantage protection.
Go do yourself a service, go put aside your "feelings" and do a serious DD. Otherwise, sell your shares there buyers at this point.
Remember, management duty is to maximize share value. IF they fail this, they can get a lawsuit from shareholders.
Major shareholder is FTQ and a few other big venture funds and management.