Firstly, the company looking to buy is not going to disclose...

Firstly, the company looking to buy is not going to disclose what they think RAC is worth to them.
Secondly they won’t pay what it is worth to them if they can get it cheaper.

For example, let’s say identified value is $4B. If MC stays around the current $250M, they would be crazy to bid $4B. They would likely start at $500M-$1B. If MC was already $2B before a bid, then it would need to be $3B plus to make it attractive. Based on the potential of Bisantrene, $1B seems a bargain, but how many shareholders would accept 4x tomorrow? Quite a lot I think.