Ann: Trading Halt, page-298

You used the example of $50 being lobbed in Jan as a TO.

If that was a formal TO offer, the SP would immediately jump to in excess of $50.
Shareholders who want to cash in can sell on market at any time.
The board has a fiduciary duty to the company, not to individuals careers or holdings.

The process I hope NEU management would follow is:

-Reject the offer as undervaluing the potential of the company.
-Wait for other offers and judge them accordingly
-Follow on with Ph 3 trials in the mean time.

Many/most Instos and large shareholders will be guided by the board's recommendations.
It's not a lay down misere that once a BP makes an offer, it's a done deal.