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Yep I was assuming 4 to 1 cydy to mrk ratio

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Merck's shareholders would be screaming bloody murder at a 7.5% dilution and a 1,300% premium against Cytodyn's current share price. The CEO and Board of Merck would never make such an offer out of fear of losing their jobs.

But that's the dilemma for big pharma, can they make a buyout offer small enough to not put their shareholders in revolt and big enough that Cytodyn's shareholders would vote yes. I don't think they can. After first approval for Cytodyn gets first approval a buyout is completely thrown out the window.