It would be a very unusual Joint Operating Agreement that allows one partner preemtive rights and not the other. There will be no takeover offer at this stage because there are still many unknowns such as development timing, FID, Budget, not to mention extraneous risks such as oil price and world recession. No offeror board would put in an offer with so many unknowns. If some company did put an offer in for say 25 cents share, then CVN would respond with a claim that it is worth at least $1 a share, and so it goes back and forth , but the point being that the offeror has no idea what it would eventually cost. Then they would have to stump up their share of development costs on top of the takeover cost and that just might be uneconomic. Retired, plug that into your spread sheet and see what you think somebody could afford to pay and still get a reasonable rate of return. It would be too expensive for a small/mid cap company and too small an interest for a big company. I dont know but I would think Santos may not be getting any offers for some of the same reasons , or at least any offers they would accept.
CVN Price at posting:
15.0¢ Sentiment: None Disclosure: Not Held
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