Tullow down 1.1% in London and currency exchange down 0.75% makes the 40/60 offer worth $2.108/HDR share according to my calculations.
HDR trading at $2.09 gives buyers 1.8 cents/share at these prices. 0.9% arbitrage and no guarantee seems too little by far. Buyers must be hoping for something better from the Tullow share price or from a rival bid.
Interesting times.
Complex
