TPL could offer the retail shareholder 500% times the current pps.
5 x .40 = $2/sh
So, it's not a strategic partnership, it's TPL buying the 50% of PDS that they don't hold. The problem with that is that there is no valuation as to the benefit of the strategic partnership to TPL.
I don't think any court in Delaware would see a problem with that offer.
$2 per share for PTSC's 50% of PDS values PDS @ $1.6bn. I'm sure that there are many who could persuade the Delaware Chancery Court that that substantially undervalues PDS, more so with full discovery.
Be well