Except that the partner in the works would have to start anew with their negotiations once the new board/management was in power, a board/management with different concerns/issues. And, the new board/management might go with an entirely different company to partner, or no partner at all, even if a potential deal had already been inked sans the signatures with the current management. It's in the interests of the proposed partner to conclude a deal with current management for purposes of certainty IMHO.