"Why would anyone base a takeout on the sp and not the value?

Ask Dr.Chahar if he would take 3 dollars....not likely with options at 2.11 + his time on this project

Would Ken advise AE to sell a possible 12 billion resource for 90 million (1.50 sp)"

It's not about what it's worth, it's what they can get it for. You're thinking like an owner not a buyer. As far as the market is concerned it's worth a buck fifty regardless of your calculations. From here on in it's poker.