No mate, any premium offered is the outcome of typically some sort of FA + strategy analysis. In other words, the buyer calculates how much it is willing to pay and then compares that against the SP. Obviously, the more it can convince himself the target is worth, the more it will be offering for the sellers to consider the transaction.
But it is by no means the other way around: "I will offer a XXX % premium on whatever the market consensus is regardless of any internal valuation"
You could argue about the incentive for instos to sign up for a restricted placement instead of buying shares in the market if the SP is lower, but there are workarounds for that (see, LTR info leak about the transaction) and very much depends on the management stomach to accept dilution of their current investor base (you can dilute people once, but they run if you repeat and/or go too far). Hopefully, it won't happen to us.
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