A T/O price will most likely be more than the first offer, but...

A T/O price will most likely be more than the first offer, but less than what the SH truly wants.

I was a SH during the ResApp T/O, and unsurprisingly that's how it played out. Both Big Pharma and SH will need to meet in the middle (IE: both compromise) for a T/O to happen, if it's to go ahead at all.

Expect if we get an offer, SH will need to vote yes or no to accepting the offer, and meanwhile the SP will remain at the offer price for a boring couple of weeks. Inevitably, the SH will vote no, then the next offer up will come through if BP still interested.

first T/O offer will be a low ball; my guess is ,45c, and will be promoted as a 50% premium to 30c SP after FDA