Just speculation on my part..........but by the looks of the share price action and the consistent and clear attempt to drive down the share price of SGY and keeping a lid on the LNV share price, the takeout price for LNV will be $5.75.
Having said that, I think the move by PC was brilliant. SGY picks up about 20% of the shares of an obviously underpriced company, gets a great divivdend and is under no obligation to buy the rest. If SGY makes a bid for the rest, great. If a competing bid comes in, great. It looks to me like a low risk, no lose situation.