RE:Nose diveTank123 wrote: The share price is going to Nose dive tomorrow.
"The early proxy returns suggested that a significant number of shares would be voted against our proposal," Harbour Energy Chief Executive Officer Linda Cook said in a joint statement with Alfa.
The offer "correctly valued" Pacific Rubiales, Alfa President Alvaro Fernandez said, adding that as the companies were not willing to raise the offer, they decided to terminate the deal.
I don't think there is any doubt the SP will nosedive tomorrow. This is bad news for us longs. It will gap down by at least a buck, I would think. The question still remains - is O'Hara really this stupid? Do they have a plan for this? Against all odds I'm starting to think they really are that dumb and believed they could force Alpha to raise the bid. Well, they failed. What are they going to do now? It is possible that they plan to bid for the company now that the $100MM penalty is out of the way. However, I think it is a longshot to believe they will be the white knight that rescues shareholders.
For the rest of us, I doubt there will be much opportunity to sell tomorrow as the big drop will be gapped down. Personally I will continue to hold as the PRE story is still the same. I bought my shares without anticipating a buyout so my original plan of investment remains.