kozel (Post 20211) I consider a take-over remains possible, whether they do deal(s) or not. My reasoning is twofold. Firstly, without deals they preserve the interlectual property and remain an attractive take-over target, with the chances of a take-over increasing now the good Cetilistat results are out and even more likely if the ATL-104 results in February are OK (take-over late Feb. or March 2006 onwards?). However, and secondly, if instead they do a deal(s), the partner could take a sizeable equity stake as part of the terms, which could subsequently provide a spring board for a take-over.
In addition, I think some investors may now have a dislike for AZM's management after they have still failed to conclude deals for CP and Renzapride 15 months after raising the expectation of deals by saying they could potentially conclude them within 6 months, but then instead staging a share issue. I feel this dislike would work in a potential bidder's favour as many may welcome a bid just to shaft the management, let alone providing a decent exit price.
P.S.
I would not be surprised if some disgruntled investors were to report AZM to the FSA in relation to the 6 month statement, for potential breach of the guidelines on dissemination of misleading information.
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