Purely as a hypothetical, let's say that 5 years ago LP met with the CEO and others from Merck and agreed that they'd sell 20% or NWBO's shares to them for $20 a share once NWBO's share price sustained a price over $10 for 30 consecutive days. This agreement was formalized.
Nothing material had actually yet occurred, NWBO could indicate a future intent to partner with a BP, but nothing need be revealed about a formal agreement having been reached.
It's likely the agreement would actually prevent any mention until certain terms have been met. My point is that things may happen years, even decades before key events occur that aren't announced until those key events occur. If they never occur it's as if they never happened.
I have no idea if anything like this exists, however I do believe that LP has informally established how highly she believes the company should be valued before she'd consider either an equity partner or buyout. The price for a buyout is probably substantially higher than that of an equity partnership.
I believe that the BP's know that she has sufficient control that a hostile bid at less than she'd take would be defeated, but would almost certainly drive the share price up substantially. I'm not suggesting that she has enough shares herself to insure this, but rather shares are in the hands of people she trusts to follow her guidance that she doesn't need to worry about a vote against what she recommends.
When IMGN was bought out, I was one of many who believed they sold to soon. It was clear they had the agreement of Institutions who owned the majority of the shares and a fight was useless.
Gary
Bullish
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