In the end, the premium paid will depend on how much of a fight...

In the end, the premium paid will depend on how much of a fight they want to put up. Hostile takeovers are atypical in Japanese culture, so I wouldn't expect they will try and pounce unless they're confident it would go through. I think most shareholders would dismiss a takeover lower than $200M (~$1/share), since that wasn't successful over 4 years and the company is further advanced now. Perhaps not as advanced as they should be, but I think the below shows the value-added:

	Indication	Status end-2019	Status end-2023
1	Knee Osteoarthritis	Ready P2	Completed P3, Results due early 2026
2	GvHD	Plan P2, partnered	Recruiting P2, no partner
3	DFU	pre-clinical	Recruiting P1, Results mid-2024
4	Renal Transplant	pre-clinical	Plan P1, Results early 2025
5	CLI	Ready P2	Ready P2; no plans to commence trial

And there has also some more significant research comparing and contrasting MSC heterogeneity, with Cymerus MSCs "exhibit[ing] less batch-batch heterogeneity than tissue-derived MSCs, furthermore they also exhibit significantly less intrapopulation variation."

Since 2019, have we also seen, twice, the FDA raise serious questions regarding the heterogeneity of a proposed commercial MSC product and subsequently requested they re-do clinical trials.

The share price collapse of Cynata since 2019 has been an important lesson in capital allocation. It could get worse over the next 12 months, too, if recruiting rates continue to be frustratingly slow and the board fail to learn their lesson when figuring out how to bridge capital for the next 3 years. Regardless, I think clinically as much as possible is being done to demonstrate the underlying value of the platform. Hopefully as this is released, bigger pharma companies look at iMSCs as less of a science experiment and more of a viable commercial treatment with huge market opportunities.