i wouldnt have thought there would be a bid for IGR from AVO. The way i look at it, if they had wanted this asset they would have bid for it ages ago when it was a lot cheaper, and most importantly, before a lot of the contracts with banks et al had been in place. Its not like nobody knew what IGR had - it was well known that it was looking like a great greenfields discover. Instead they chose to go for DIO, which at that time was also cheap.
Anyhow, AVO have a lot of egg on their faces with the DIO takeover. They completely jipped that by allowing RMS to build a large stake - and hats off to RMS management for that. Now AVO dont own the asset they orignially bid for, but have to share it, hence at least a part of the synergy for them has been eroded.
Dis: own RMS as well.
IGR Price at posting:
28.0¢ Sentiment: None Disclosure: Held
