I originally bought in with the hope that they would transition...

I originally bought in with the hope that they would transition into a producer & create plenty of FCF. Accumulating in the 10-18c range was a no-brainer & I was reasonably confident of 3-4 bags over time. After the reserves upgrade, I felt that a T/O was a very distinct possibility. Like you, being taken over isn't my first preference. No idea what the T/O offer will look like - perhaps 40c? I will be disappointed in anything less than that.