RE:Seems obvious to me...My view is that this is round 1 of what needs to be done for this company to get back on track. The headline valuation was good, the question becomes what has to happen with the AltaGas shares and the capital allocation thereafter.
My view is that Tidewater doesn't have the balance sheet to be in the midstream game anymore and the market has some large players that can execute and do deals at attractive valuations. If they can execute on this then the shares are at least a double from here.
The market won't pay up just yet for the refining and LCFS business so they need to prove that out a bit more before the market can ascribe a value with confidence. There is a lot of upside if they can. Ultimately, this needs to be one business again as there really is no justification for two companies other than a fancy sales pitch from investment bankers regarding "multiples" the market isn't stupid though so if it really believed in the business it would have a multiple that made sense based on the corresponding cash flow stream (at least in the long run).
They have done a reasonable deal and this has bought them time with the expectation that further developments must follow.