6379. Quite frankly, the only thing that ICN can bring to any table is the GSA and the only people interested in that would be companies that have gas but no markets.
The BPT win in 855 and its move on ADE, has probably made ICN's interest in 855 unattractive to any of the bigger players, unless, of course, they take out both BPT and ADE and then deal with ICN alone to get THAT GSA.
If, for example, BOW also had that GSA, in addition to their reserves, their TO price would be double the $1.48 being offered.
ICN MUST start doing something with their operator status for the conventional gas in 218 and 855, NOW.
The "logical" merger would be BOW and ICN, which would be a massive win/win for both SHs and would be an excellent block to the Arrow offer, IF, the BOW Board wants to block it. They could go to their SH and say that the Arrow offer already grossly under values their assets, but, that will only hold water if there is another offer in the wind, for, as we have already seen this morning, SHs of BOW are more than happy to take the bird in the hand, especially in this market.
But, if the Board can then say that there is a chance that they could get into an arrangement with ICN, by BOW providing the gas and ICN providing the GSA, what a win/win that would be?
At today's SP, BOW could win a huge deal with ICN on a share swap arrangement costing them nothing and getting ICN at a huge discount. Interesting times ahead, but, action by RJ becoming more vital by the day.
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