The lockup agreements are on SEDAR. I spent some time re-reading these. Some interesting information pertaining to the provision of "Superior Proposals". I agree with the thesis that new large shareholder MMAM will have a key role to play here. They have until April 15th.
Locked up shareholders:
"The Shareholder hereby agrees, in its capacity as securityholder, from the date hereof until the earlier of: (i) the expiry date of the Offer, (ii) the date the Support Agreement is terminated in accordance with its terms, (iii) the date that the Offer or the terms of the Offer or the Support Agreement are amended in any manner adverse to the Shareholder, (i v) April 15, 2018, and (v) the date that a Superior Proposal (as defined in the Support Agreement and determined by the board of directors of CanniMed) has been made for all or substantially all of the CanniMed Shares or assets"
In the Directors Circular on encouraging acceptance, it's clear that a "Superior Offer" is a REAL POSSIBILITY. The exact words are:
"The CanniMed Board has preserved the ability to respond to unsolicited Superior Proposals"