BMO's Comments Scotia’s Cameron Bean raises Crew Energy's target to $10.70 from $8 with a “sector outperform” rating.
“We see the deal as a win-win, with the more than 70 pr cent premium representing an impressive premium for CR shareholders (with a tax-efficient exit in an all-share deal) and yet still very good value for TOU shareholders (our CR NAV with near-term development of Groundbirch was $8.00 [10Y] and $11.70 [SOA]). Overall, we think this is a great deal for both sets of shareholders. Moreover, we believe the deal further cements TOU as best in class in the North American natural gas space,” said Mr. Bean.