Ann: Receipt of non-binding and indicative proposal, page-58

Roy,

IMO this is the play that WGO shareholders should be looking for.

A combined group is almost certainly going to get take out. And it would be at a significant premium to current valuations IMO.

If this merger doesn't progress then WGO shareholders will be sitting back in the low teens wondering how they are to ever realise value.
A combined entity could produce a multiplying affect whereby much larger co's bid over each other to buy the asset. They would never do that if these co's stay apart (particularly for the WGO portion as it is non-operated).

Think about why both companies have been trading well below their in-ground gas value.

IMO