I do not think we should become to excited about a counter bid...

I do not think we should become to excited about a counter bid based on heavy selling in the past week. This could be put down to many shareholders being tired of the situation with HDR and taking their money to invest elsewhere. I sold because I was pleased to get out with my capital intact which would not have been possible two weeks ago

It is most unlikely that Tullow was the only company Mr Potter and his team have been talking to about a sellout during the past 6 months. It was more than likely that many of the companies we are now expecting to counter bid could have looked the books over already and even made a bid. Unfortunately for them it was not as good as Tullows. So looking at all their options the HDR Board recommended the Tullow bid because it was the best on the table.

That is not to say a counter bid will not appear but if it does the company concerned will be initially taking quite a gamble laying out more the $1.5 billion on one producing asset, that needs repair and a lot of high hopes in other parts of the globe that will not bring in any funds for at least 2/3 years. Plus you will need to sink even more funding into these high hopes for those 2/3 years. It will take a brave CEO to commit to this venture IMHO