LF, I'd like to see some interest in MZEI's various applications as it's doubtful that any one F500 has the scope of product and service offerings to take advantage of the scope of MZEI applications. As commented previously, it may be beneficial for the F500 with the medical functionality to aggregate other businesses where they don't have expertise, or alternatively, buy the whole company and spin-off applications where it can't add value. Who knows what a given application is worth.
This may fall into the thinking too hard category, but I think it's important to consider a number of structural issues at MZEI that may be limiting in terms of the timeframe you envision.
First, the other-than medical applications won't be patented within your timeframe. This simply means that MZEI could not sell the patents for such applications.
Second, MZEI doesn't have differing classes of stock for each application. The result would be that a share purchase wouldn't happen for a given application absent such segmentation. A share purchase would have obvious tax benefits relative to the sale of the technology.
It is possible that MZEI could enter into a license agreement with a later 'sale' of the patent(s) when granted. Again, this isn't tax efficient for investors. The sale of a patent or the entering into of a license agreement would not require shareholder approval.
These an other structural issues suggest that a 'surprise' offer to shareholders isn't likely. If your thesis is that interest shown by some company in some segment of MZEI's business would or could spur an F500's interest in the applications of more significant worth, I agree.