Before or after phase 2?
10 in hand (pre-tox) could be worth 25 in the bush after phase 2?
Buyout rumours are likely to be just that at this point. I would not be surprised to see an offer, but if Management is confident, and sees a clear path forward why bow out now? There is still risk ahead, and eventually, people have to cash out (PPD anyone???) but I think money talks and everything in life is negotiable.
At this point, I'd be a little bummed on an ego basis to see them cash out now and then have the science work. I really think there could be something special here, and I'd like to be a part of it, but nonetheless I'd laugh all the way to the bank...no new money like new f you money.
I think the aforementioned blogpost is just further speculation. Loose lips sink ships, and if someone involved in a deal with NNVC is running their mouth to a blog poster on SA I doubt they'll be around too long. But I guess you don't call it front running a trade for nothing, fwiw.