Could I apply real option technique if the strike price is uncertain?

I am valuing a call option of an investment project. The investor is holding 20% common shares of a JV company, the JV partner grant a call option to the investor, have the right to acquire the 80% common shares from its JV partner. So the investor can 100% own the company in a specific period. However, the execrise price is based on the fair value that would be determined by independent valuer. Could I still apply real option method to value the call option value in this case? and How? Thanks!!

Answer:
before you do the real thing try
doing a test case see what hapens Other Questions and Answers:
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