A bird in the hand is worth 2 in the bush. I would seriously consider accepting a $1.30 bid for IPM even though I reckon it undervalues them. But there is no $1.30 bid on the table. I only want CASH, not shares in an illiquid company that I do not consider investment grade.
COE is cashed up but that will soon vanish with some dry holes, and that is why they want IPM, long term production and cash flow.
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incremental petroleum limited
market disconnect paradox, page-26
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