stock value in a merger threadLet me bring this one back up again. The others posted multiples of other transactions. Fundamentally, I believe those are different time and different place (higher oil prices, Llanos weighted deals), but that's for the readers to determine.
The additional point I'll raise is this. The theory of paying a premium to trading price of a stock for full control implies you are gaining control. I question the relevance of that in PTA's case. Yes, you'd control the company. But in turn, the company essentially controls none of its assets. They are all non-op and out of PTA's control. Hence I'm skeptical of, when the day comes, PTA being taken out at an "amazing" multple or premium to share price.
This is akin to the low multiple today - non-control is usually treated as a disount to a normal valuation, which is what is continually ruminated about here - PTA's low multiple relative to others.