Yes Samuel, a lot of buyouts happen at the time when the target is in a bad way like Delcath right now for obvious reason. Delcath would be in no way to negotiate for more.
That's not to say the offer will be outrageously bad. It depends on who's making the offer. A reputable company may actually try to make it looks like they are saving Delcath and the life saving treatment rather than appearing like some blood thirsty shark. Remember the suitor have reputation and a company image they try to maintain.
I am betting on their assets have value and is attractive that a reputable company will make a half decent offer. It would be low balled offer but hopefully not too bad.
So looking at their corp presentation the combined EU and US market potential is north of 2.3 billion annual sales. A 1$ offer at current 500 million shares out is easy math. It would mean a 500 million deal. Is paying 500 million for a 2.3 billion potential worth it?
The big question is like you said, it's whether or not the suitors see it attractive. If chemosat works like it did and the market is there like they say. This should be a 2 billion BO or a 4$ per share offer. But, like I said they probably get a low end 500 million offer if any.
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