Even if there was a buyout on the table, I would still expect the company to keep doing everything possible to manage and move the company forward, like hiring needed staff. What if an offer fell through, what if a better offer came that entailed a partial equity buy and the company to move to a FS? No company can stand still even if an offer is made, the best negotiating position always means you can in the words of a wise old rich man "you must always be ready to push back from the table"...in order to get the best possible deal. Great companies do not put things on hold no matter what until the cash is in the bank.