I'm leaning more into a partnership initially...a buyout would usurp the will of the shareholders who voted with their money...and essentially approved NP's continuation/agenda and the 200 million Warchest.
There are only two possible reasons...Nader got blown out...the money (offer) wasn't large enough in his mind to appease the shareholders and his own mindset for evaluation...or in some way... he was found to be guilty of offending SEC rules,compliance and was deemed a liability to Cytodyn's future.