This is interesting because on the chain stay, its clearly marked "Vrooman-White Design". To me that indicates a separate entity holds the design features of the frame. Without VWD, Cervelo wouldn't have much.

There are tangible assets as well as intangible assets. By looking at the Pon Holdings web site, its clear that Pon is acting like a holding company with an impressive list of subsidiaries. The option to buy Cervelo would be a stock option, not an asset purchase. Of course, VWD would be part of the deal.