typically sp will revert to at or around a takeover offer price...

typically sp will revert to at or around a takeover offer price in anticipation, less than if it’s perceived as unlikely / high risk. And more than if perceived as other competitors are likely to compete.

the offer has to be attractive enough for the board to recommend its in the best interest of shareholders and also the CEO has a substantial holding. Knowing what an opportunity they have there is no way an offer would get up unless substantially in excess of current share price.

so theoretically if they offered $50m for the company representing double its current value (70c) you would expect shares to pretty much immediately double to around that value