If a deal was allready in the works, it might be price per share, so it would add more cost to buyer for more shares.
There is no chance a buyout deal is based on a price per share number. Market cap only.
Also, if deal allready done, lower nwbo SP would be hard to justify to buyers shareholders at time of actual sale
If a deal were already done, it would be announced. The deal is not done, therefore the price is always up for negotiation.
Let's say in this fantasy scenario (there won't be a buyout anytime shortly after MHRA decision but I'll play along) the parties came to an agreement shortly after submission. MC was around a billion. Assume they can grow it 100% on approval news. Then a 100% premium would put the buyout number around $4B.
Well here we are, 1.5 years and quite a few difficulties later, and the market cap is under $400M.
I guarantee that $4B number is no longer on the table. The acquiring company has sent a letter to dear leader Linda Powers and said "due to prevailing market forces, we are unable to offer the agreed to $4B for the acquisition of your company. We will honor the shadow premium of 300% and are happy to submit our new purchase offer of $1.2 billion. Please advise if you would like to continue under the new terms."
So maybe we get a buyout offer of....$0.70/share. Hey, I'll be green finally.