The Company press release in response to the offer is here...

http://phx.corporate-ir.net/phoenix.zhtml?c=71999&p=irol-newsArticle&ID=1631228&highlight=

From the PR, the company, "...has determined to initiate a strategic process to explore alternatives to maximize shareholder value." Also, from the PR, it seems the offer/proposal is, "exploratory.

The Board has not officially refused or accepted the offer, but according to the above quote they claim they are looking into it and will decide on what to do for maximum benefit of the shareholders. Exploring alternatives could mean anything, depending on the Company's perception of maximum shareholder value.

SP is about mid-way between sp before the offer and the offer level. Current sp is where it is because that is the way the Market sees this play concerning risk vs. reward. Even on verified offers, the sp typically settles at slightly less than the offer because there is a wait period for the deal to go through, and time is money.