My reading of OSH at the moment is that the merger has put both a floor and a ceiling below and above the SP.
The merger was first announced at 3.68 when the SP was under pressure and sparked a rally. Several times since the SP has reached a level that, in my opinion, the punters are thinking that the merger premium is zero and there is little incentive to buy. At one stage punters were paying well over 4.00 because of a misreading of the merger offer.
So, at 3.86 today the SP was in my zone of indifference again and I was happy to sell with the expectation that I could get back in again later after the next Evergrande panic- or whatever. Yes, I could keep for the synergies but I have never been a great fan of Santos. I am a fan of OSH assets but not of their management- who would be?
IMHO DYOR
OSH Price at posting:
$3.85 Sentiment: Buy Disclosure: Held
