If a prospective acquirer wants GTC enough, there are assorted ways to make it worth Dr. Cox’s while to entertain an offer. I’ve argued that the buyer’s retaining Cox’s services is probable, but this is by no means the only approach that can be taken.
In short, I’m saying that whether a buyout occurs or doesn’t—and at what price if it does—will not be as strongly determined by Dr. Cox’s equity stake as you suggest. It will be one factor, of course, but it will IMO not be the dominant factor. Regards, Dew
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