I'll prelude this with I have zero knowledge in this area but I...

I'll prelude this with I have zero knowledge in this area but I believe that the hypothetical scenario would go:

BP acquires all RAC assets leaving RAC an empty shell as per your first example. Entire purchase price distributed to existing shareholders. Everyone gets paid- exit strategy #1.

RAC the bio company no longer exists. The shell is delisted / made non tradeable / is pheonixed into a new company RACRoyalties. This new iteration in whatever form it takes is still equally divided up amongst shareholders at point of sale of RAC. BP pays royalties to it. After admin costs royalties distributed prorata to shareholders. No new ventures/assets/products are on the agenda. RACRoyalties purely exists as a medium to transfer money from BP to shareholders at time of deal- exit strategy #2

Again no idea if that is real world possible but i believe the gap you are not considering is that RAC would no longer be tradeable and there would therefore be no requirement to sell shares to lock in the profit from the deal.

If it remained tradeable however, then nothing would stop RAC from paying out the initial lump sum. In that scenario then yes money would be left on the table/in the market in the form of RAC shares that would pay out over time and so a slower exit strategy. But I still wouldn't imagine that RAC would be seeking out new projects. It would again basically be a shell to facilite a transfer of funds as opposed to a bio company.

I personally don't have a preference either way but, assuming all goes well, to maximise value will be a tough slog with a one off BP payment (which is exactly why it's also the most likely scenario... BP won't want to pay more than they have to).

Cheers