What price to offer for successful takeover of HDR, page-2

Woodside are the obvious suitors and they would avoid a competative hostile takeover. It would be a freindly takeover, with Ellyards blessing, and it would probably be a share swap rather than cash so that HDR shareholders can continue to profit from the Mauritanian upside through Woodside. Woodside would be the undisputed kings of offshore Mauritania with their 35% share added to HDRs 24%.

I think a 6 for 1 offer would be the minimum to gain grudging acceptance from HDRs open register. This would value HDR at around $2.30. I'd estimate a 1 in 3 chance of a takeover prior to Banda. If Banda is a hit, I'd say a 2 in 3 chance before the years end.