it seems to me there is nothing wrong with having a medium/long-term view on the merits of a stock - but then changing your view in light of a takeover.
whilst one might not be tempted to invest in BOW for the medium term, it would be quite logical ( and not inconsistent) to change that view, and invest in BOW at sub-$1.48, if one thought a higher bid was coming.
seems reasonable to me.
cheers
