THIS SHARE WILL BE WORTH 3.00 IN 2009

Don't know of many deals that are settled on the first price recommended. Would like to have seen the usual release first, IE 'Protherics have been offered equivalent to 60p per share for the company by BTG. The company will not be recommending the offer as we believe it does not reflect the true value of Protherics'.
Was this the first offer?, and if so why is it being recommended. This is going against the normal trend of Takeovers.

Just read the full document re the takeover offer on the Protherics web site.
Interesting read and a good sales pitch re the increased marketing power. Also makes it clear that there are no more offers in the pipeline, others either withdrawn or just not viable.
Would still have thought that the offer price would have been a bit higher, but as said a good read, and the tie up does look promising.

Regards Greek.

Just a thouht.
Protherics sell to BTG. AstraZeneca sit on the sidelines watching value of each to drop, then step in to takeover the bigger BTG once all the fire has died down.
OK unlikely but as many including myself have said, can't understand why Astra who are liable to pay licensing payments to PTI and could snap both Protherics and BTG up with their petty cash don't appear interested.
Surely they can't think PTI was not worth 60p plus.
Would like to have seen the list of the potential buyers of PTI and the amounts offered, jut to see if Astra had been sniffing around.
Like I said, Just a thought.

Let's look at the alternatives for PTI -
1) The AstraZ link is known and presumably satisfies both parties. If AZ wanted to buy PTI, they've had plenty of insight and opportunity.
However, the price might become rather higher than PTI is valued by their shareholders - so AZ would be fearrful they'll be over a barrel and pay too much. IF then PTI drugs failed, then AZ bosses would collect the wooden-spoon award and maybe lose their job/pension .
This aspect tends to keep large-Co's away from a full t/o. . . . . Nothing to do with shareholder-value, you understand - plain self-interest. . . . .
2) Go it alone - PTI execs will become household-names, riches, options, pensions beyond their dreams . . . . but their chances are slim in BioTech....so it is likely only a dream! Execs put a brave-face on this risk to their future!
3) A tie-up with another partner that's not too big, but "big-enough" - So, the lucky exec(s) retain a job (to steer the PTI-angle)- and being part of a large Co means they can grow into other areas......become rich and still receive most of the benefits of "going it alone!" - but with much less risk of real failure . . . . even if the PTI-angle fails they are likely to have got their feet under the table and have other irons in the fire.
4) Tie-up with a big finance co - the trouble here is the financiers will want to run the tech - take all the benefits and the PTI-Execs will become lab-technicians (in their eyes!)....also there is a tech-risk the big co will steer for quick- profit, rather than a long-term feel-good. In effect, PTI would cease to be...very soon.

With BTG
Firstly (some?) PTI-execs retain their technology-control, maybe even gain access to additional expertise. They can swagger along with a larger badge, yet still have most of the benefits they hoped-for.
In effect it also removes many possibility of failures - either related to a Drug-Trial scuppering Market sentiment (ie forever!), - or being taken-out due to a severe Market reaction to events, say in Wall-Street.

Frankly, I think this is an excellent result for PTI (which I hold, in a minor way) - - - what I'm not so sure about is why BTG has fallen so much, on what looks like a WIN-Win deal. . . . . . Isn't this a share-based deal?

Perhaps I'm missing something but I thought the combined co was to have more cash than BTG had - - so doesn't that mean their cash-piles are combined?

If it's a buy-out, and BTG needs to raise cash, (e.g. by a rights issue), then it's not good in the climate we have today. BTG is my no1 holding, although somewhat battered of late; with daft comments from "Shares" - indeed this combination will make for a stronger pipeline, revenue and "excitment" stock . . . so I should be welcoming this "instant" growth, although there is likely an element of Dilution.
-BUT-
Since we've not seen any "return" any dilution is notional - and as the combined Co is likely to generate more income, the possibility of a return is somewhat nearer! That has to be good, even for LT holders.
(Some of BTG- recent fall is folk bolstering their cash position, due to general market woes and offsetting of losses, elsewhere I suppose.)
+This PTI-move appears to be out-of-the-blue - -- unless any of you heard a rumour- yes I know BTG was suggested mid-August08, but it died away and no RNS, etc . . . . so I suspect this was a "lucky chance" speculation, due to JB being on both Boards, for example - as it made little difference to PTI investors then, did it?

Could another bid arrive? - well yes, but it would have to satisfy the above points that PTI-Execs won't lose-out . . . . and that (this other bidder) won't be paying too much (esp in these woe-days!) . . . . so maybe an existing tie-up is sufficient. By keeping this deal sweet, AZ can add-value later and if the future is bright, then AZ will benefit from earlier arrangements - - - something about "better the d..." =so AZ can remain connected at zero risk (to their Execs).
Another bidder might find the AZ connection soured and this will reduce the value of PTI, either by "time" - or- "cost".... etc.
AZ will have thought of a rival snatching PTI away. So, I suspect BTG is "not seen" in this light.

. . . . . . . . . . . . . One must never forget the "self-interest" rooted in us all.

well it may not be over - things looking up agian

If you wish to follow all the takeover rule re PTI, 8.3's don't both on this site as their suppliers don't deem them important enough. See competitors for info.

Even in todays market a close of 11.11% down is strange on no news to say the least.
Was OK till just past 1100 hrs then bang.
Of course no part of the market is privy to something we don't know, are they!

As I see it, this IS merging with BTG - there is no other game in town....the merger is good for BOTH companies, and will result in a stronger whole.

Falls are across the Market, so this is hardly a surprise...BTG has fallen also, since the ann. - but of the two PTI looks the better Buy, but this should even-out as the day dawns.

Hi Hangon,

Whilst agreeing that there were obviously falls across the market, a fall of over 11% did not follow the trend, especially as the drug/bio sector only dropped 3.1%.
Still as they say, 'We are forever mushrooms'.
As to it being a done deal, fully agree as it won't be the PI's that get the say, it will be the big boys who have already provisionally agreed.
In the long term it may well be the tie-up will benefit all shareholders. My reasons for not wanting such a tie-up is that Protherics are in my high risk/blue sky portfolio, so these shares were bought on the hope that they would multiply several times over, obviously excepting the risk of loosing all.
I follow all shares in my high risk strategy with this in mind, so yes I agree the Protherics shares will move into safer more stable territory, but as they will then fall out of my strategy (high risk/reward) the excitement this portfolio gives me will diminish.
A bit like the excitement you have when you bet on a long shot at high odds, yes the chances of winning are low but, well you get the picture.
Still a steady increase/profit obviously won't go amiss, which I agree will happen.
Hope the above makes sense!

Regards Pond

I think the merger is the best thing that could happen to BOTH companies - andd maybe cut a few Execs (PTI is somewhat overloaded, IMHO) - and BTG has plenty of cash and more to come at least in the short-term.

As I may have mentioned before PTI has expertise in selling into USA and I understand the combined co will be developing their own team ( but this might be support?) - and this is likely to improve the value of Varisolve - a product that has taken far too long to arrive. Hopefully it will get approval....and the US-connection (with the Rattlesnakes) will enhance their chances - er, IMHO.
Greekman, Thankyou for yr support.... esp.as I've bought a few more PTI recently, on the basis they were "marginly" better value for the same cash. Any mergers create uncertainty and has risks, but normally it is done to enhance one company's turnover ( and darn the cost!) - but here it's a paper-exercise so little cost to funds.... and a strong player for some exciting products.

Cheers Hangon,

Time will tell as they say. Moneys, money no matter how it comes, PTI as an independent or as the tie-up with BTG.
Looking down the line, in a couple of years, if this tie-up is looking the better deal (although it will not be that easy to tell) I will gladly admit I was wrong.

Regards Greek.

BTG VOTE.

Proposed Acquisition received the overwhelming support of BTG Shareholders, and the resolutions necessary to approve the Proposed Acquisition were passed by the requisite majorities.

No suprise there then.

Nice move up today on news from BTG!!
Looks like the takeover wont be a bad thing after all!!!!!!!!!

BTG have released vote giving figures for.

No matter what anyone thinks of this deal statements that include....* Total Against Votes Withheld, really annoy me. Whatever happened to clarity or and democracy.
Presumably it was closer than expected otherwise why not give the figures against.

keep the faith greekman - BGT will deliver im sure of it.

So the BTG vote was far closer than I thought it would be, and as to me (obviously a personal opinion) the deal looks better for BTG than PTI could the PTI vote be even closer or even against.

Votes For 98,766,102
Against 88 82,564 0.
Withheld 08 299,464.

What surprises me is that there are so many "against" - does that include you, greekman? - can you suggest reasons pse?

by contrast, PTI is running out of money ( it's not serious), since they have some expensive "Trials" and little regular income ( Rattlesnake treatment is relatively small) - so PTI may need to raise money in a few years . . . . so BTG looks like a decent deal and fit...IMHO.

-Indeed, I have heard no suggestions "against" - but hope to hear.

Hangon,

See post 294, which fully (hopefully) explains my view. Obviously it's a personal view and I am aware others may be for the deal as it will fit their strategy.
I thought the for vote would have been much higher as I feel that BTG are getting the better end of the deal.
The main point to myself is that I feel Protherics would within a few years make me far more money by staying independent, even allowing for the obvious risk of independence , than if they tie up with BTG, which I agree would be a safer bet.
Still, good to see debate without descending into personal insults as some threads do.

Regards Greek.

So its a yes vote, but anyone else spot the deliberate mistake.
Cant they get anything right lately. Surely someone proof reads these releases.

Its in the same format as the BTG vote, although after a struggle I could make those out. The Protherics vote is almost impossible to decipher.
Why cant it just state plainly.
Votes for. Votes against. Votes withheld.

But from another site showing a different RNS format the results show.

No of scheme shareholders voted 785 (99.4%)
Total votes 244,371, 671

No of scheme shareholders voted 'for' 717 (91.3%)
Total of votes 'for' 243,009,601
No of scheme shareholders voted 'against' shows 68 (8.7%)
Total votes 'against 243,009,601 (0.6%)

As the votes for and against in number (but not percentage) are the same obviously this is an error. I have taken the votes for from the total votes cast to give those against at 1,362,070 which would match the (0.6%)

Ain't I the clever one then.

Financial Highlights, show everything up that should be up and everything down that should be down, except.....Net cash decrease of 9.6m (2007: increase of 6.9m) in line with expectations, providing a cash position of 28.1m (2007: 46.9m) This in the stage of Protherics as a company was/is expected.
Who needs BTG. OK it will give PTI more pulling power so to speak, but would still have liked them (PTI) to have chanced going it alone. Yes a big gamble but worth it.
In my opinion. BTG have by far the best part of the deal. PTI have sold themselves out far too cheaply.
All IMHO of course.