M&A, page-13

I would like to see 40c, I expect it to be at least a 30% premium to acquiring company on a relative basis. I think the big push will be synergies/best interest of both shareholder groups/greater index weighting/fund participation yada yada - I expect it to be similar pitch to DYL’s attempt on VMY just a higher premium. All true of course. It wouldnt surprise me if PENs already in the 30-35c range by Feb so the 40c valuation for scrip offering certainly sounds plausible. I’ll likely continue to hold… maybe sell a small portion to lock in some gains.