PTSC owns 1/2 of MMP and has 400M shares outstanding.
Some company wants to buy MMP outright.
If the company pays $400M for MMP, that's $0.50 per PTSC share.
If the company pays $800M for MMP, that's $1 per PTSC share.
If the company pays $1B for MMP, that's $1.25 per PTSC share.
Everything else (except taxes) is just noise.