News: PDZ UPDATE 1-Poland's JSW eyes controlling stake in Prairie Mining -CEO, page-5

With the current market cap being only a tiny fraction of the combined npv of the two projects (US$3.3b)), it certainly makes it difficult to gauge a realistic buy out price.
I would usually estimate at least 30% - 40% of npv but I don't expect anywhere near that in this case.
There are a few factors that seem to be playing largely in jsw's favour, and prairie may be stuck in administrative tape and legal battles for an extended time before even getting to the point of being able to source funding by themselves.
Given the above , as well as the fact that jsw would like be conservative with forward pricing inputs, and likely use a discount rate of 12% rather than the 8% used by prairie , I would guess they may come out with an npv of around $1b and offer 30 - 40% of that, so US$300m -$400m. Anything below that and they are truly getting a steal. Although as I said, it does sound fanciful given the current market cap.
It also raise the question why the market is almost completely ignoring the events here. I mean really how often does a company come out and repeatedly and openly state that that wish to acquire another company as well as presenting that those acquired projects will form a big part of their forward strategy??

All in my opinion only. Welcome others different views.
Yeatesy.