" If Company X is buying it for $9K and they offer ZEN $10 per share this even in Zen's mind may be a good value (or the most the X would pay). Company Y may be paying $16K and using twice as much, so the value to them is multiples higher."

To be fair, if we're going to "if", Company Y may pay 16K but only need half as much therefore the company would only be getting for example:

9K X 8 = $72000

vs

16K X 4 = $64000

You do raise a valid and interesting point.... and possibility, though we can't be sure what the specifics will be and make any predictions as we don't know who is prepared to offer what amount for what quantity.