If you were around when SIRI and XMSR set their "exchange ratio"before that merger, you should know that nothing is firm with respect the share price. 3.68 is meaningless - totally dependent on LMCA share price which is largely dependent on SIRI share price. One goes down or up, the other likely will follow in time.
Unfortunately if the market sells off Liberty the shares can go lower since it's a share swap and it's a ratio tied to Liberty shares. If Liberty shares go down tomorrow the value of the offer will technically be less than the $3.68.
What are you both smoking? Stop spreading false information. First only a shortt would say to put puts at $3.50. 2nd the offer has nothing to do with liberties share price. Please stop posting and learn something.