What will Neu with surplus funds ??, page-12

IMO the takeover price will be quite dependant on the prevailing SP at the time of the offer. I have researched T/O premiums for orphan drug biotechs and it seems anywhere between 30 and 175% is possible with the majority of transactions happening in the 50-100% range (skewed to the mid to upper end). The probability of a 2-3x offer from the current price is exceedingly low.
So atm my view is if a T/O was launched today we are looking at a $21-28 range, more likely $25-28. Jon has already stated he won’t engage with any possible suitor until P2 NNZ2591 are out. The probability is that they will be successful and should the SP be, say, $18 at that time then the possible T/O price becomes a likely range of say $28-36, hopefully skewed to the upper number.
Lower than that I would be a little disappointed. So they key to the possible T/O price will, imo, be the prevailing SP after the P2 results. That is something we are going to have to wait and find out.