Thursday, January 22, 2015

As Of Yesterday Evening, Cubist Became. . . A Merck Subsidiary: Closed

As expected -- it is complete. And yes -- it is true -- some Cubist stockholders may seek Delaware appraisal rights, but they will likely get $102 per share (in my humble estimation). So what's the point? That is a very fair market value -- independently negotiated -- by two public companies' boards. So. . . it is all over, save a little hoarse shouting (and throat clearing). Merck owns Cubist, now.

Per the latest SEC filed amendment to the tender offer documents, overnight:

. . . .On January 21, 2015, Purchaser merged with and into Cubist, without a meeting of the stockholders of Cubist in accordance with Section 251(h) of the General Corporation Law of the State of Delaware, with Cubist continuing as the surviving corporation and thereby becoming a wholly-owned subsidiary of Parent. Each outstanding Share (other than Shares held in the treasury of Cubist or by Parent, Purchaser or any of Parent’s other subsidiaries, which Shares were canceled and ceased to exist) were automatically canceled and converted into the right to receive $102.00 per Share, without interest, but subject to any required withholding of taxes. Cubist was delisted from NASDAQ at the close of market on January 21, 2015. . . .

Carry on. It is gray here, but we are. . . smiling. . . .

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