Firstly isn't the correct term "reverse merger"? and in a reverse merger the publicly traded entity stays publicly traded. If you own shares in PTSC and TPL merges into it you still own your shares, there is no "buyout" per se.
I personally think this is what is about to happen and it can work out very well for us both long and short term as long as the share structure doesn't get messed with too much.
It will be very interesting to see what happens here. I don't think it's to far away. As for your going straight to the shareholders in a proxy fight, well I know how much I want for my shares and I can tell you my bottom wrung is our 2 year high and I don't see any long time long being happy with less than $1.50. TPL simply does not have this kind of money so they either partner up with a whale or they "kiss their sister".
I think we see a reverse merge into PTSC by TPL with an immediate name and ticker symbol change! I will be welcoming it!!