RE:Comprehensive Valuation Report on Cipheras of August 31 2023 Does management really believe that a lot of shareholders will tender their shares with that kind of growth ?
I hope so. The overhead for this auction is costing the company
$400k. From page 41:
Cipher Pharmaceuticals is expected to incur expenses of approximately $400,000 in connection with the Offer, which includes filing fees, advisory fees, the fees for the Valuation Report, the fees of the Dealer Manager and the fees for legal, translation, accounting, depositary, printing and mailing services.
I suppose some shareholders may be interested in tendering their shares if they would otherwise encounter liquidity issues unloading large blocks in the open market. On the other end of the spectrum, there may be small holders of odd lots that use this opportunity to exit at a price they would never get from the market recently.
Thank you for highlighting the Evans & Evans valuation info. On page 22, the MOB-015 revenue projections—emphasis on the word "projections"—were particularly interesting.