RE:How does GTE have an offer?no debt... exisiting management already used to operating in south america... $3b in annual rev againist $5B debt... couple of asset sales to reduce it (even could try a loyalty stream).... some debt to equity arrangement (probably among major debtholders)... when oil hits $55.... a lot of upside... big win for both the management and the existing GTE shareholders.. its actuallyvery smart.. this was a great buying opportunity....
PRE management I think were challenged by the major shareholders (O'hara and Alfa) and they want them gone.