From my experience it would depend on how the market views the chances of shareholders accepting the offer and whether Cytodyn brass recommended shareholders vote for the buyout after the offer was announced (I believe an 8k would have to be issued if a defined offer is received).

I'm in a company now, PQEFF, that has had a takeover offer on the table since late last October and it didn't really move the share price until the beginning of the year when the Board recommended that shareholders tender their shares to accept the offer.

The share price went from around 20% of the proposed takeover price after it was announced to 70% of it now,. The deadline for the deal is 2/28 so shares are still trading at a discount to the offer price on the chance the deal falls through (I really hope it doesn't).

I do have to add the caveat though that CYDY is obviously heavily shorted and an offer could stir up FOMO among the passionate retail investor base so that could move the price up a little more than expected but I wouldn't expect it to reach multiple dollars unless the market viewed the offer as having a realistic chance of being accepted by shareholders.