By Eric Pierce
Staff Writer

The $23.25 per share premium to be paid by American Home Products to buy the rest of Genetics Institute (GENIZ) begs the question: Where were the gamblers? AHP made the bid after the market on Tuesday, when GENIZ's stock was $61.75. The pharma company had only until the end of the year to exercise the option, and the $85 exercise price was known. But despite the potential for a more than 35 percent upside, investors weren't willing to bet that AHP was going to call in its chip.