Hmm..trading not looking goodLooks like a big institutional seller got out (TD did cross) at $1.52. TD about the only buyer for days - may be for arb player.
In the short-term I actually think things are likely to be "no good". Other the PRY.A and TTN.A valuation prices for takeovers have been underwhelming (look at RVE and EFE valuations).
DFR has had great success adding production. I think they are good assets, but not a package that is "very good". In the case of EXA, GO.A boguht them not only because of valuation, but because they can consolidate in Eaglesham.
I am beginning to wonder if DFR gettng bids below $2.00. That would definitely be underpricing the value, especially since DFR has a good balance sheet (unlike EXA whose high debt was a burden to growth). In that light for long-term shareholders its better not to sell. But with so much stock held by risk-arb players a "No" decision now could cause these guys to dump it, especially going into year-end.
I saw many major puke-outs. Somebody dumped a million shares of EXA at $1.00 (valued at $25,000 BOEs/d) before the take-out. TSK trading at very low multiple. Could DFR puke down to $1.00 on a "No"? It shouldn't, but it could. That would be a great opportunity. I'll buy a whack of shares if that happens.