Dear Snake Stabler,
Thanks for posting.
A lot of elements go into the decision when one considers a bought deal or not. To single one element over another would not be fair.
With respect to your observation that a deal done at a higher price would result in the issuance of less shares is inarguably correct. However, when you compare both options, and you consider the potential difference in shares being issued given (i) the box it ticks for an up listing, (ii) total shares outstanding, and (iii) uncertain market conditions re: election, then you might have compelling reasons to take the bird in the hand, no? … and this was considering just 3 of the numerous elements which go into a decision like this.
Hope that helps,
Peter