I am gob smacked by the sell-off after the announcement last week. Notwithstanding the fact the market has been crunched in the meantime I have never seen such good news so poorly received.
Has anyone seen any new analysis since the announcement? The way I see it the deal came in significantly over the expectations management had prior to the sales process (around $500m) as the total cash consideration gives a look through valuation of about $510m plus HZN retains part of the upside in the liquids business. You need to discount the $130m at some rate but given the partner is a major LNG company I wouldn't be doing that at much more than my risk free rate.
Does anyone else have any further insight?
Ann: Strategic alliance with Osaka Gas in PNG , page-9
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