Ebb & Flow

Shareholders in Facet Biotech Corp. (NASDAQ:FACT) will be rewarded for holding out against the efforts of Biogen Idec Inc. (NASDAQ:BIIB) to acquire the company on the cheap. Abbott Laboratories (NYSE:ABT) last week said it plans to acquire Facet via a tender offer of $27 a share.

Facet's largest shareholder is Biotechnology Value Fund, which made a very big bet on the biotech. At Dec. 31, the fund's holding of 3.68 million Facet shares was valued at $64.6 million, accounting for 19.9% of its portfolio value of $324.8 million...