More realistic approach is to see something like this:

http://www.stockhouse.com/Blogs/ViewDetailedPost.aspx?p=101830

CROWFLIGHT RECEIVES A $150 MILLION OFFER FROM JINCHUAN GROUP LTD. OF CHINA

CML has similar numbers of shares like SPQ, so $0,25 is more realistic than 8 Cents. And I still don't understand how can somebody makes take over offer that is smaller than current SP. It makes no sense, look at just to FWR example, take over offer was higher than current SP. Just think about that. So if we look at this example and take 50% premium from current price than offer will be 18 Cents and not less.

Good luck to all SPQ shareholders!