In a buyout you can never assume you'll get one share of the acquiring company for one share of the company being acquired. Shareholders will be offered a price and at the time of the sale you'll be able to buy shares in the acquiring company using the equity you would have received if you took the cash. It might vary slightly from this, but regardless if you don't take the cash, but take the stock, you won't be taxed, but your basis in the stock will be based on what your basis was in NWBO. Your brokerage will do all the work and when you sell your loss or gain will be clear.
What we receive in a buyout, or partnership, may largely have to do with where we're trading at the time. No company in their right mind is going to pay more than twice the current price, and most pay less than that. If NWBO has been negotiating with a BP under confidentiality, they may have agreed on a price, and a triggering price, but if NWBO's price went well above the trigger, clearly they'd either need to pay more or the offer wouldn't be approved by shareholders and the company would be wrong to recommend it.
I would be willing to bet that one or perhaps many more BP's have seen our trial data under confidentiality. Frankly I've always been amazed how well information is retained under confidentiality. Some partnerships are rumored near the time they occur, but many others have been complete surprises, no rumors, no notable trading patterns, just an announcement that it's happening, or is fully structured but requires a shareholder vote. I do not believe either partnership or buyout will be a consideration prior to our achieving a double digit share price. With any real luck, when we're in the range where an offer would be considered, we'll have two or more interested companies and let the bidding begin.
Gary
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