Nothing magic about crossover price.
Actual price would be determined by bargaining. Higher if target is in better bargaining position, lower if acquirer is.
If target is good fit for many acquirers, other firms will come in, price will be bid up. If not, could be close to $9.
Acquirer might want to make high “preemptive” bid to ward off other bidders, or low bid and then plan to go up. Strategy is important.
Do target’s managers have 51% of stock and want to remain in control?
What kind of personal deal will target’s managers get?