how much will pem offer for cbh

Here is the facts:
-PEM intiated talks with CBH
-PEM fail to T/O HER and is loaded with excess cash
-Possible $200m in synergies if Merge (Takeover) with CBH
-Toho Zinc (largest SH in CBH) would be quiet happy to sell due to internal conflicts with the board.

CBH: currently 41.5 cents MC about Mid $300m
PEM: $1.82 MC about Mid $300m

I would say CBH is worth about $500m given its strong growth potential on their current projects, and given the cost savings PEM will get I think an offer for 60 cents (3 for 1) is reasonable.

I'll still be down on the price I brought at but happy to take the 60 if it gets through.

Anyone?