I know the buyer will not be influenced by share count. That’s not my point.
Let’s say they are willing to pay $10B. That would translate into a higher premium % if there were less shares then there are today.
In other words, assuming AMRN didn’t issue as much stock as it did (and the share price was still at $7.3), $10B fetches a higher premium %.
That was his point. It’s never that simple though because if they didn’t issue the additional stock, all things being equal, the SP would be higher.