NO BREAKUP FEES DESIGNED FOR BIDDERS There are no breakup fees for the binding agreement. This encourages other bidders to come in with a much better offer. The fact that Genel did make an offer in such circumstances is surprising. It means that contract cannot be broken up that easily. As I stated previously, even if LFD defaulted on terms PSC contract could not be cancelled. LFD was entitled to a 1 year extension. All of this is designed by LFD to encourage a bidding war for their asset. Why the need tor a halt when the news has been out since 8 pm?
Other majors will walk in with a better offer perhaps 30 cents to 35 cents offer to start. Genel will then get to bid back at about 40 cents. You get the idea of bidding war that is about to develop. Also do not think that Soros is going to sit on his hands while property is about to be given away, I expect him to say, how much do you need?
Remember if time is running out for LFD it is also running out for Genel, both are tied in the same contract.
Interesting that VST is rallying, that LFD in Europe is rallying.
New investors whom will buy the stock today will get a 50% dividend, assuming a 20 cent stock price today, and chance to see a bidding war that is developping as other majors enter, making chances of a much higher dividend payment as bigger offers are entertained.
LFD has officially put itself up for sale to all MAJORS. Genel took the first bite, who is next?
JMHO