RE:RE:GTE, Jeff Scott, SAXON, 185M shares in the open market This is true.
When you put in a takeover bid in this kind of industry you are going to look at NAV plus a premium or discount based on the business model.
Look at PMG. They were recently taken over by Pacific Rubiales. Their stock was trading at high 5 dollars, low 6 for a while, but when the takeover bid was announced the amount Pacific Rubiales paid was almost $12.
Jeff and Walter are old friends. They started Saxon together and then sold it at a substantial profit. TIDs assets fit in perfectly with GTEs business. Below is the exact press release when Jeff Scott resigned:
CALGARY, ALBERTA--(Marketwired - April 9, 2013) - Tuscany International Drilling Inc. (TSX:TID) (COLOMBIA:TIDC) ("Tuscany" or the "Company") announces that, effective April 8, 2013, it accepted Mr. Jeff Scott's resignation as a director of the Company to avoid any potential conflicts of interest arising from his present business endeavours.