Lets do a quick and dirty estimate of the net asset value.

Oilsands and conventional assets.............$3.1 billion @ 10 % discount

Downstream assets and infra......................$.18 billion

Upstream infrastu.........................................
.15 billion

Forward tax losses........................................
.4 billion

net debt.........................................................
.95 billion

Net Total value is $2.9 billion or about $6.40 per share.

Remove cost of developing GD expansion of
.95 billion

Minimum net asset value = 1.95 billion or about $4 per share.

No way would an offer below $2 be accepted.