You are talkign about book value - I am talking about control. And yes you are right - in that case where an offering is greater then book then that would create "value" for shareholders and that would not be dilutive to book, but it would be dilutive to control.
Book value is bullcr*p 99% of the time since it relies on a lot of "intangibles" and also such things as plant, property and equipment which in reality often are put at valuations which aren't based in reality.
For instance take a look at the book value of any bank stock. I'll guarantee they have mismarked positions in CMOs and CDSs. But when institutional investors talk about dilution its WAY more likely that they mean control not book. I am meaning dilution in the form of control %, in the case of something like ARIA where they have very little net tangible book - any sort of deal where they can sell shares at a premium to a partner would be IMO a great deal.
Take for instance MYRX when they were goign to buy JAV for stock - that was dilutive to existing MYRX shareholders in every way possible - control, book, etc, etc.
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