RE:RE:RE:RE:PTA still halted.
There are a lot of moving parts to this deal that need to be clarified to understand what possessed management to line up behind it. First, I'd be very interested in knowing how this offer came about. Did GTE approach PTA or did PTA solicit an offer from GTE? Frank Giustra is no fool, and I think it's entirely conceivable that he instigated the offer as a way of moving some of the other players off the fence; now that PTA is in play, they now MUST decide where they want to take their own companies. It will be very interesting to learn how may shares GTE purchased on he open market prior to making their offer, insofar as any profit to another successful competing offer will drop straight to their bottom line. I think we will see at least one other player (and possibly as many as three) make an offer that GTE will need to deal with. If only one enters the fray, I think we end up at around $1.60. More than one? Well, $28K/boe is awfully cheap...