Enerplus Corp T.ERF

Current Offer Price

[Squint1]

CHRD-US	$160.94
exchange rate	0.10125
	$16.30
Cash	$1.84
Total offer for ERF	$18.14
arbitrage	($0.38)
Current ERF price	$17.76

[Billionaireboi]

Thanks for the break down.  I believe Ian dundas sold out the company for too cheap and this might give room for devon energy to swoop in with a slightly better offer and close on the deal. This would create a company in similar size to Chord energy today. I hope this turns out to be the case.

[Lupuslupus]

I do beleive Dundas sold out cheaply, however I wonder what th breakup fee would be if they were to entertain another offer, as almost always the case, these kind of deals usually have one

[Squint1]

Maybe they wait until it Chord's offer closes and then make an offer for the whole enchilada and avoid the break fee.     Price Shares Market    per Share (millions) Capitalization         Devon $43.88

[matt2018]

I agree, it is a lowball offer. The first offer is usually not the last. The top 10 funds that own good chunk of shares may get on board if they sweeten the cash portion. Chord could eat the $185M debt and ERF could distribute whatever the cash balance is on closing. That could add another $0.30 US