Tetraphase: A Bidding War Shareholders Shouldn't Wait Around For [Seeking Alpha]
TETRAPHASE PHARMACEUTICALS INC (TTPH)
Last tetraphase pharmaceuticals inc earnings: 3/11 09:29 pm
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US:NASDAQ Investor Relations:
ir.tphase.com/investor-relations
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Source: Seeking Alpha
SummaryShares in Tetraphase sky-rocketed yesterday after La Jolla announced a non-binding takeover proposal.Tetraphase had already agreed to be bought by AcelRx in March.A bidding war seems possible; La Jolla's offer likely needs to be raised.However, investors don't seem to understand the value that's actually being offered by either party.The current share price of Tetraphase vastly exceeds any realistic takeover consideration shareholders will ultimately receive.IntroductionShares in battered biotech Tetraphase Pharmaceuticals (TTPHLJPCThis offer comes after Tetraphase alreadyACRXEvery investor loves a bidding war, right? This might explain why Tetraphase shares were aggressively bid up from a $1.35 close on Wednesday to a $2.42 close on Thursday. Intraday shares even traded at $3.50.However, I’ll argue investors are jumping the gun. The AcelRx offer and the La Jolla offer both represent a value that is much lower than the current share price. Even if either bidder raises its bid,
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