At this point in time it would be impossible to know how a buyout would work, simply because there are numerous ways a buyout can be structured: cash, shares, combination of cash and shares, merger, reverse merger, etc.
Suffice it to say that ANY buyout would result in shareholders each receiving a percentage of the transaction price prorated according to their holdings, and usually consideration is given to all who have a vested interest, whether it be common or preferred shares, options, warrants, etc.
If they wanted to split off a portion of the company to sell and keep the rest, one way to do it would be to buy all the oustanding shares and then issue new shares to the current shareholders in the form of a dividend, but that's just one possibility.
There are also different tax consequences depending on how a buyout is structured. Sometimes you are forced to pay income taxes on the sale price at the time of the sale, other times you can just roll it over to stock in the new company and avoid tax liabilities until you sell the new stock.
Now that you're totally confused, woooohoooo!!! What a great day!
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