Because EIG presumably thought someone else might bid for the stake and the capital thru ID, Trevor and the Board, especially with ConocoPhillips and Total being rumored to be in the market for an oil & gas company in all these TO bid rumors.
EIG did not want to be gazumped and so bid its first and final price. Hony and those from the P.R.C. were in the STO at a different time and do not tend to offer their first and final price but tend to move their bids up and down depending on the level of the target's SP. known interest.
A lot of them r like that see the GRAM TO bid of PNA amongst others.
SXY should be thankful it was EIG. It could have been Hony in the STO case. Probably both companies along with possibly both arms of ORG may not survive the year without a TO bid as at these levels, foreign suitors will make their moves IMHO but pls DYOR.
SXY Price at posting:
37.5¢ Sentiment: Buy Disclosure: Held
