Yes. The price is subject to negotiation or court determination. If acquired through eminent domain, the court will determine the price, not Cal Am.
The Monterey Peninsula Water Management District has the authority to issue public bonds to cover all acquisition costs. The cost to buy Cal Am is offset by the $19 million annually in corporate profit and taxes that Cal Am now takes. This money would be used to pay off those bonds without increasing our water rates. Savings will be greater as the bonds are paid off.
For more detail on this, see this chart.