" ... suppose the buyer is CAH then don't you think that NAVB's 50% will be much more valuable/profitable to them than the 50% they already own?" - UBD
It would be a wash IMO. The 50% they control would be discounted because it's already in their pocket, while Navidea's 50% could have higher intrinsic value due to the investment they have in place.
Buyouts happen all the time with distribution deals in place. If it comes to that, Cardinal's interest could probably be bought out. If not the buyer would most likely just let the agreement run its course until expiration. But we could drive ourselves to drink dwelling on "what about if" scenarios like this. It's all too speculative...
BTW, that link you found is a pay site, trying to sell you an SEC filed document that's available for free.