Crescent Point to Make Offer for Westfire? Even with a large percentage of shareholders in favor of the Guide-Westfire deal, don't be surprised if Crescent Point tries to make a move on Westfire.
(1) They recently acquired Cutpick, which has a large position in the Viking.
(2) At Crescent Point's AGM, they discussed the Viking as having major potential which attracted them.
(3) Crescent Point just announced a great quarter and they have great operational moment.
(4) Within the past 12 months, Crescent Point has been highly acquisitive, and this past week, Crescent Point announced another $550 MM equity financing which they noted might be used for acquisitions.
(5) Since Crescent Point trades at premium valuation metrics, an acquisition of Westfire would be highly accretive on virtually every metric.
(6) Westfire has all of the attributes Crescent Point looks for: large oil in place, opportunity for downspacing, potential for waterflood, etc.