There would be some time between announcement of a buyout and the actual exchange of funds during which you could sell or exercise the warrants. Bottom line is that you would not get shut out of the profit if you held warrants instead of common (unless the buyout was under $5. More precisely, if you bought warrants at say, $1.50, you would have an opportunity to take a profit if there were to be a buyout before warrant expiry in 2015 at $6.50 or higher).
Hope I read between the lines and answered the real question.