Let’s say that AMRN bought back some stock. Won’t happen but let’s say it did. While in an efficient market, the SP should go up, there’s no way of knowing if it would.
If a buyout then occurred and because the amount that someone was willing to pay would not have changed, the % premium would be higher.
That is not what he's talking about. He's talking about 40 million shares vs 400 million shares.