Think it is the latter but some market participants are trying to dress it up as the former.
IMHO DOW's go at SPO had a nice risk return and was entirely rational:
DOW and Fenn wanted to stop being a $6- $7, $2.5 odd billion company and wanted to be a much larger more diverse one.
With that appetite, comes more risk and more return.
IMHO it is small minded and disingenuous to then criticise Fenn for attempting to shoot for a company worth well above the $2.5 - 3 billion and increase the SP, EBITDA and growth rate significantly more than possible based on the old DOW.
DOW Price at posting:
$5.80 Sentiment: Buy Disclosure: Held
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