current offer significantly undervalues bow, page-20

Seamfiend,

I totally agree with you, its great to say, 'ya, but we are gonna have double these reserves by the end of the year, so you should pay more" , but the fact is, you don't buy a run down house and pay the guy the value of what it will be after the renovations, you pay him for the value of today.

and the truth is, whatever the value of today is for BOW, it is significantly less than what long term shareholders have been hoping for, a la the Pure valuation. Now, if they had acheived those targets, differnt story.

You never know how this will turn out, but the fact that a lowball offer has come in now is opportunistic, and may backfire by bringing in the competition. Or result in getting it cheaper now than before an upgrade.

and i don't believe its hostile, as Bow has announced this, otherwise they would have told arrow to take it public and go hostile