I suppose the capital structure has changed a little.
Company value= 350 cash (minus a little for capital gains) + 450 (SP x shares issued) = 800
Price offered by Sinopec = 1000
If we assume that Sinopec want a return on its investment then we could say that the company is undervalued. If however Sinopec made a mistake in valuation then we have the 350 cash as safety backup.
