400NL Pretty standard 3bet spot. What is the best action?

[dirtytricks]

Villain this hand is a good tagreg 20/15

Full Tilt Poker, $2/$4 NL Hold'em Cash Game, 6 Players
LeggoPoker Hand History Converter

CO: $399.40
BTN: $372.10
Hero (SB): $396
BB: $1,212.60
UTG: $481.70
MP: $411.90

Pre-Flop: J[img]/images/graemlins/heart.gif[/img] J[img]/images/graemlins/spade.gif[/img] dealt to Hero (SB)
<font color="red">UTG raises to $16</font>, 2 folds, BTN calls $16, <font color="red">Hero raises to $68</font>, BB folds, UTG calls $52, BTN folds

Flop: ($156) 7[img]/images/graemlins/heart.gif[/img] 7[img]/images/graemlins/club.gif[/img] 9[img]/images/graemlins/diamond.gif[/img] (2 Players)
<font color="red">Hero bets $99</font>, <font color="red">UTG raises to $413.70 and is All-In</font>, Hero?

What is the best action in this spot? b/c, c/f or b/f??

And how much does the squeeze situation lower your requirements for committing with the hand compared to a two way pot?