Mkt expects a higher priceBased on price action so far, the mkt is anticipating a higher price for COS.
This will come either by a sweetened offer from SU or from a white knight.
I would expect the final price to be in the low teens notwithstanding a strong move in oil over the next couple of months. Anyone who's been doing this long enough will refrain from linear points of view when dealing with investments. Nothing is ever carved in stone !!
As many have said, it's just an offer. SU is starting low, but will have to raise their price.