I agree that, in my opinion, it's undervalued by at least 10%.
I'm actually considering selling a couple of more Put Options for July expiry (but at a $60 strike price). However, I have to wait until after next week - because I am short alot of March Options and want to avoid any potential margin calls.
At the current bid of $1.65 for Jul10 60 Put Options, I'd receive an additional $330 in Premium.
Then, if PG did happen to drop below $60 come July expiration, my cost basis per share would be reduced to $60.86 per share for 600 shares.
I'd then need to evaluate what to do next. As an example, if PG was below (but close to) $60, I could, sell 6 Oct10 60 Covered Calls and 3 Oct10 60 Naked Puts. Obviously, this would depend on the Premiums available at that time.