Hi DF
Another possibility is that the buyers expect Tullow shares to rise significantly if the SOA gets a tick.
TLW was at a high of 445.5p on 5/8/2006 but even this only values the offer at $2.205 at 40% scrip and $2.5/GBP. If TLW reach 500p in the short term this would value the offer at $2.33 which IMHO is still a bit on the lowside.
TLW have risen 70%pa compound over the 3 years so maybe, as somebody remarked earlier, the buyers see it as cheap entry to Tullow for the long term or for an immediate takerover, lol.
Rager
I hope the West Australian is right.
Complex
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