takeover offer for ipl, page-17

Recooperating,

LOL, as someone with a foot in each camp I can think of quite a lot of reasons why IPM holders may reject. They certainly don't need COE's cashflow, or profits.

IPM has est 22+ cps 08 EPS from Selmo alone, and that is a long life, low decline rate asset. Add growth next year from Edirne gas, oil development in California, low risk gas appraisal in California, plus low cost ONSHORE exploration in both Turkey and California and we can certainly see how much of a steal COE is after.

But COE WILL NOT get IPM without getting management support - can't get 90% without - would only need about another 2% to hold out.

So let's have profit, cashflow, asset longevity, dividends, low risk growth portfolio and management as reasons why IPM holders might want to reject the offer.

Smart objective for COE, but dumb attempt at execution - so far.

EL