hmph,The shareholders do not do well out of this present deal...

hmph,

The shareholders do not do well out of this present deal some will lose, some will breakeven and some will make a profit.

The terms of the takeover look much better for TLW than HDR but "Cash is King" and TLW have the cash well at least 60% of it.

I was puzzelled by 40% shares & 60% cash. Then I came to the conclusion that TLW may not have wanted a paper overhang in what could be a falling London Market and an uncertain price for oil. Such a situation might have placed them in a similar position to what HDR were before the bid. A run on the shares and large financial commitments to a number of projects.

If we say "No" to the takeover HDR will have to get extra funding from elsewhere. I cannot see from where. If the Institutions prove reluctant why should we shareholders go against their expertise and throw good money after failing projects like The Ching field and the recent dusters in Mauritania. Uganda is going cost for the next 2 years at least before we see a dollar back.

For HDR management the immediate future must be worrying otherwise they would have told TLW to take a walk in the outback IMHO

regards