IBR.to hostile takeover at 75 cents per on a comparable net acre basis only, that would mean BBI land position is worth about 28 cents a share.
But BBI have a superior land position so they should demand a premium. Plus, Velvet isn't going to be able to steal IBR for a piddly 75 cents a share.
Fun times.
https://finance.yahoo.com/news/velvet-energy-announces-premium-cash-100000070.html
- Velvet to offer $0.75 in cash per Iron Bridge common share.
- Represents a significant 58% premium to the closing price of Iron Bridge common shares on May 11, 2018, the last trading day prior to the submission of our offer letter to the Iron Bridge Board, and a 45% premium to the 20-day volume weighted average trading price for the period ended May 18, 2018.