Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of PVR Partners (NYSE:PVR) jumped as much as 16% today after the company got a buyout offer from Regency Energy Partners LP (NYSE:RGP).

So what: Owners of PVR Partners would get 1.02 shares of Regency Energy Partners in the buyout, and a total of about $40 million in cash. That was a premium of about 26% to yesterday's close, but Regency Energy Partners is down 10% today, so the value of the offer has become less attractive overnight.

Now what: Consolidation is commonplace in the pipeline business these days, so the buyout itself isn't surprising. What may face a challenge is the price, given the fact that PVR owners are only getting a 10% premium after Regency's drop. I don't think this is the time to sell PVR, just in case the offer increases. The worst-case scenario is that the buyout falls through, and we're back to where we were yesterday.

Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.