[U: At ~63% — Done!] Power Alley UPDATE: Tomorrow Is NOT Likely To Be "Last Day" To Tender Acceleron Shares. How Close Is Merck To Majority?

Updated @ Midnight, Friday: was off having fun, but a bit ago, this evening Merck garnered the required majority, for its tender offer. All holders will now get the $180, unless they seek appraisal rights (a cumbersome and ill-advised route, in Condor's opinion). Now you know. End updated portion.

On Wednesday, Merck cleared Hart-Scott, on the Acceleron deal.

Same day, it announced that Friday at 5 PM New York time, would be the deadline for timely tender of shares, to get the $180/share tender offer price from Merck. Having done this specific dance before, numerous times, on multi-billion dollar public life-science M&A deals. . . if Merck is short -- and that is a big "IF" -- it may extend the offer period for a week, or two. [Though at the moment, only a little over 19% of the Acceleron shares are in, for the tender at $180 a share.]

Even so, Kenilworth is not likely to willingly up the tender offer pricing. Of course, if it ultimately has to do so, all prior tenders will be paid the higher price. But more likely, if it is very near majority control, it will -- some weeks from now -- close the deal. It will "get there", by pointing out to sensible key institutional holders that thus far (especially in this volatile market environment) no higher bidder with financing has emerged.

In any event, a follow on merger is likely -- and if need be, Merck may simply (but at slightly more expense) run a proxy solicitation instead, seeking the votes, of these shareholders. . . but it is my guess that by early 2022, one way or another, Merck will own Acceleron. Onward, grinning. . . .

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