based on current price of PXD. Are people expecting an increased offer?
For my part, I'm wondering why this was announced as PSE received an offer, rather than PSE agreed to be acquired by. It makes it sound like this was an unsolicited buyout offer which has not yet been considered by PSE. On the other hand since executives at PSE are executives at PXD, it's a bit like saying 'we received an offer from ourselves but haven't yet decided whether to accept our own offer'.
How much of PSE does PXD already own, does anyone know? If it comes down to a vote by unitholders, how much is already in the yes camp by virtue of being owned by PXD?
"How much of PSE does PXD already own, does anyone know?" A bit more than 52% (plus the GP stake). I don't believe unitholders are entitled to a vote anyway, the only issue is whether the BOD is actually representing unitholders' interests fairly and getting the best price they can.
You are right that unitholders are not 'entitled' to a vote however they do sometimes get one for major events like this.
But if PXD owns 50% as you say then it's just a formality (sham) as they can do whatever they decide. The only thing they will want is to protect themselves from lawsuits and so have to offer a fair price.