M&A, as I have noticed, almost always commands a 25-35% premium to 'current' pps. Of course, that's only anecdotal and a very rough est. I suspect on the announcement of "Further Strategic Options", the premium will be higher, because we are in a highly leveraged 'sellers' market. Real book value + pps is just a minimum starting point for negotiation. Sorry I can't give you real #'s to back up est's., that kinda math is way over my head!