>…assuming Dr. Cox would lose his job [in a merger] and gets no additional stock/cash grant from a company sale…<
I do not agree with the premise. What GTC does is sufficiently specialized that I envision Dr. Cox, Dr. Meade, and most of GTC’s technical staff being retained in the event of a buyout.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”