Hey Trent, just posted this on the PNR threads, if RMS had wanted to, they had multiple opportunities to snap up a large amount of PNR shares at stupidly low prices, they chose not to, now, the share register is a lot tighter than it used to be.
Though I think the real reason RMS is unlikely to go for PNR, is no synergies and... for a long time, RMS has a potential competing bidder with a bigger market cap and real synergies (WGX).
Happy to be proven wrong either way, as I hold RMS, WGX, SPR and PNR.
Ann: 2024 Resources and Reserves Statement, page-11
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