Simple answer is another company offers a dollar amount to buy the company. If it is accepted, than that dollar amount is divided by the number of outstanding shares to determine the purchase price per share.
RGBP has preferred shares, which usually have a conversion factor and they convert to common shares if there is a buyout. I do not know the specifics for the RGBPP shares or the shares Koos gave himself to stop a hostile takeover.
Shares will usually be pretty flat once a buyout has been accepted with share price being pretty close to a discount of 5%. Discount could be larger is the purchaser is buying using stock instead of cash.
"On any voluntary or involuntary liquidation, dissolution or winding up of Regen, the holders of the Nonconvertible Series NC Preferred Stock shall receive, out of assets legally available for distribution to Regen?s stockholders, a ratable share in the assets of Regen. "
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