Ingalls and Snyder.....I am beginning to like the chances for a competing offer.
Ingalls and Snyder sold only 330,000 shares (only 3% of what they own) into the huge up day on Tuesday when 30 million shares traded and none since then on further high volume days except for about 300 shares-yes that's 300!-on Friday.
Combine that with the Cannacord release that their opinion is no competing offer will be coming while they have been one of the most aggressive buyers of the stock over the past few days, along with the rising price very close to the $19 offered into Friday's close and I am becoming more optimistic with respect to a competing offer.
At this stage I view Cannacord's position on Coastal almost as a contrary indicator. Over the past year they have released a number of reports with a negative or slightly negative tone that definitely had negative effects on the stock price, usually coming out a few days later to say that the price action is "overdone".
The latest example was their November 11th report in which they stated:
"With current take-over speculation deferred until 2014, and the loss of a rig for the
next three months, we believe the market is currently underestimating Coastal’s
longer-term fundamentals".
Kind of a backhanded compliment that no doubt helped drop the stock from over $16 to well under $15 that Friday and move some "quick money" types out of the market only to have the takeover announced on the following Tuesday. So much for "deferred until 2014".
We'll see about their call for no competing offer while they gobble up shares. Only time will tell.