They'll take Tom up on that generous invitation. This means that Tom gave the invitation to "they" and "they" will accept the invitation. Looked at in terms of the company's earnings rather than its book value, the deal is in line with other recent acquisitions. Here, "looked at" is short for "If one were to look at [something]". It could also be written "If one was looking at [something]" or "Looking at it in terms of the company's ...". The tense is either the present or very near past and either are used, although the present tense is probably the better one to use. The phrase is synonymous with "From the perspective of the company's earnings ..." or "Considering the company's earnings ...". The "who" looking at it is whoever happens to consider the question; it isn't anyone in particular. (The sentence could have been written something like "Looking at it from the perspective of earnings, I believe they paid too much", in which case the person doing the looking is "I".) Walk off your meal with a stroll along the nearby lanes, dotted with art galleries. Your guess is essentially correct. "Walk off your meal" means get some exercise after eating to help your digestion and burn some calories. A "stroll" is just a casual sort of walk, not necessarily random, but done just to be outside for fresh air or look at galleries (as opposed to a fast walk for exercise, for example). I hope that is helpful.

1. Tom made the inviatation. “They” will accept Tom’s invitation. 2. It’s not past — it’s passive. Something like, “If the deal is looked at….” Of course, we could just as easily use the active voice, “(If we are) looking at it….”, in which case we need to add “it” as the object. We could also simply start the sentence with “In terms of….”. 3. You are correct. Um, what else could the sentence mean…? (This is not a rhetorical question — I really want to learn about what confuses students.)