my two cents
i believe the t/o should be around $600 m m/c
with the soi that would be $2.46 a share approx 3.4 times the current price.
we know from past experiences for a company at this stage a reasonable value is not likely and an offer will be unders most likely 30-40% up lift which is not a goer
if you are a smart suitor though you are going for a knock out blow and not a two strike strategy as you dont want to give time for anyone else to pounce.
anything less than $600m m/c in my view is not worth it as we will be close to that s/p soon anyway with drilling coming etc
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