in large, fairly valued companies, buyout offers are typically some premium over the current SP (let's say 20% for example). but our SP doesn't approximate our value - not even in the ballpark. so in our instance, the premium wouldn't be in % gain, but in multiples of our value. that's because a big pharma company can look out and see the potential revenue streams, and then put a value on that. many biotechs trade at around 5-7X revenue (some a little higher).
clearly the BOD and NP won't accept anything that's "giving the farm away" - and i don't want that either. i do think as this data continues to come in, and the future picture becomes clearer, a company will consider paying up for that potential in a bigger way. Maybe that doesn't happen until we get a full FDA approval - and by that time our SP will be higher and the buyout "gulf" a little less.
so i'm with you - i don't want to leave massive value on the table and am willing to wait for some time. But would i take $40 right now if offered? Yes, I would. Not saying that's the right approach, just mine.