My guess: Bid at $2.75One reason DFR process has been a slow process is that they aren't interested in any fire sale. NAV at $3.00. Major value-added creation in the past 6 months. This gives them credibility that upcoming drill targets are "money".
I expect a cash bid of $2.75. That's my guess. A paper bid would have to be at least $3.00.
Timing? My best guess is early November. My suspicion is DFR will drill another couple major successes, which will cause the bid to materialize. A couple of success could push NAV to $3.50 - thus making a $2.75 cash bid attractive.