Reasonable is in the eye of the beholder or in this case the board of directors. There are two valuation scenarios for Cytodyn, the value of it as it sits and the value with various potentials realized. I guarantee when the board looks at any offers they use potential as the basis for being reasonable and needing to present it to the shareholders.

The valuation with just a handful of indications being realized is enormous and big pharma would not offer anywhere near that until those indications are approved. By the time BP makes the higher offer on realized potential the goalposts for valuation will change because their are other indications on the horizon.

Any offers that may have been made up to this point would never be mentioned to shareholders because of nondisclosure agreements and some shareholders whining about how they would have been happy to take $3 a share.