If you add the cash from the latornell sale shareholder equity stands at $1.15..So if the company is bought at book value minus debt this is what we'd get. However considering the Poison Pill and the improving bitumen prices, production levels and the $120 million cash ( from which the 100 million debentures will be paid) I'd seriously doubt CLL Board will sell at a fire sale level that doesn't even include the Proven reserves..CLL is in a position to wait for a good offer if this is in fact what they're looking for. DON'T forget the OFFER WAS UNSOLICITED and only disclosed because of the IIROC investigation into the trading activity of common shares..( FUNNY I've been continuously mocked for saying CLL is being manipulated YET here we have an IIROC investigation into trading activity..VINDICATION)..MY guess is that this unsolicited offer was a low ball offer to see if they could get CLL at a low price.